This has come up on another thread because I am really worried about the UK leaving the EU.
However I think there has been a calculated gamble made by Cameron and Osborne here that doesn't change too much even with a majority.
The Conservatives have a massive problem within their own party because of the divide between the pro-Europeans and the Euroskeptics. Its dogged them for years. No leader has really been brave enough to tackle the infighting head on. Until now.
I do not believe either Cameron or Osbourne want to leave the EU. It will ruin their economic plans.
The big thing is in order to have a referendum, they need to get it approved by parliament. This will be a tough call. They could try and use the whip for this, however its likely to cause a massive problem. Osbourne apparently promised at the end of last year this would be a free vote. By doing that, he has appeased the pro-Europeans. It also means that if they loose the vote, the Leadership do not loose face.
Remember too Boris is pro-Europe.
In the meantime they plan to try and renegotiate the UK's relationship with Europe. This might appease a lot of the public and address some of the areas that people have the biggest problem with. The political mood in Europe is that they NEED the UK and don't want us to leave so will be more open minded to allowing this rather than in the past. They are aware of the need for reformation of the EU.
I'm not convinced it will come to a public referendum for that reason. And they plan to destroy the UKIP calls for one in the future through renegotiation.
Big gamble, but also quite an intelligent one.