UK business leaders urge to remain in EU

A group of British business leaders on Thursday called on Britain to stay in the European Union (EU), saying that the country is stronger as part of the bloc.

"As business leaders from a variety of sectors, and from businesses of all sizes, we believe it is overwhelmingly in Britain's interests to stay in the EU. This country is stronger as part of the largest market in the world, with half a billion people," the business leaders said in a joint letter published by the Times newspaper Thursday.

The letter was signed by more than 20 business leaders from both big multinationals and small start-ups, including Chairman of BT Group Mike Rake, Chairman of BAE Systems Roger Carr, founder of Virgin Group Richard Branson, and CEO of WPP Martin Sorrell.

"We can trade freely with just one set of rules across the whole of Europe. We also benefit from Europe's free trade deals with more than 50 countries around the world," the letter said.

The business leaders stressed that Britain, together with it European partners, can "best address common problems that respect no borders, such as crime and environmental protection."

"We stand firm with 27 other countries in the face of common threats; and each UK household benefits by an average of 3,000 pounds (3,359 U.S. dollars) per year," they added.

Noting that the EU is "far from perfect," the business leaders backed British Prime Minister David Cameron's call for change in the EU "to make it more efficient, streamlined and competitive."

"Britain has shown in the past that where we make the case for change, we can win. Reform is an ongoing process that needs to happen now and long into the future," they argued.

"The best way to secure that is to be in the room fighting for it, not outside knocking on the door," the letter concluded.

Cameron has pledged to hold an "in or out" referendum on whether Britain should withdraw from the EU by 2017. Legislative preparations for the proposed referendum have been underway since Cameron's Conservative Party secured an outright majority in the general election in May. Endit