Opting out of EU talks ‘could risk 3m jobs’

In a letter to the Telegraph newspaper, the group of businessmen argued that three million jobs could be at risk if Britain fails to remain at the heart of Europe.

As well as Virgin boss Sir Richard Branson, signatories to the letter include British Telecom chairman Sir Mike Rake, and Sir Martin Sorrell, chief executive of advertising group WPP.

The letter appears 10 days after David Cameron pulled out of EU treaty reforms by vetoing proposals.

They write: “The government estimates that three million British jobs rely on exports to our European partners.

“The EU’s institutions, from the commission to the European Court of Justice, exist mainly to safeguard the single market’s level playing field. Protecting the single market has to be the bedrock of our re-engagement with Europe.”

The businessmen argue that it is in Britain’s interest for the Euro to survive, and the the EU’s single market is “of great importance” to the UK, accounting for half of the UK’s trade.

The EU’s institutions, from the commission to the European Court of Justice, exist mainly to safeguard the single market’s level playing field. Protecting the single market has to be the bedrock of our re-engagement with Europe. Letter to the Telegraph

However they added, “we must deepen and widen it, and push for reform in services, telecoms, the digital arena and energy.”

European countries agreed on Monday to provide 150bn euros (£125 bn) to the International Monetary Fund (IMF).

Britain will not take part in the scheme, meaning EU finance minsters failed to meet their 200bn target. David Cameron said the UK will not be involved in efforts specifically to save the eurozone, but will consider boosting IMF resources as part of a global effort.

A Treasury spokesman said: “The UK has always been willing to consider further resources for the IMF, but for its global role and as part of a global agreement.”