Business leaders urge Tories to begin campaign to keep UK inside EU

Business leaders are calling on Prime Minister David Cameron to kick-off a campaign for keeping the UK in the European Union (EU) as soon as possible.

Many are calling on the new government to hold the referendum at the earliest opportunity, following Cameron's tour of European countries as he attempts to negotiate the UK's position within the EU.

One of the notable figures speaking out is Sir Martin Sorrell, who has called for the referendum to take place "as soon as possible".

The WPP chief was quoted by the Mail on Sunday as saying: "Western Europe is recovering, so the longer we wait, the better the economic atmosphere around a referendum."

The newspaper also quoted the president of the Confederation of British Industry, Sir Mike Rake, who said: "Every week we hear businesses speak out about the risks of leaving. It’s important we engage.

"We have been clear it’s important we stay in the EU. The issue is for the government and European Commission to determine what reforms are do-able and practical. We need fewer lifestyle interventions and to get growth going in Europe."

Another prominent figure making a public statement was BAE Systems chairman, Sir Roger Carr, who said: "There will now be certainty on the process, and it is important that the business community that believes in the UK being part of Europe steps up to make the case at the earliest opportunity."

The chief executive of BT has commented on the matter, saying: "Like most business leaders, I think we will be campaigning on the basis that the EU, for all its idiosyncrasies, is a positive thing for business.

"We do a lot of business across Europe. We have significant businesses in Italy, Germany, France, the Netherlands, Spain, Switzerland and it will create uncertainty. Companies generally will look to move investment away from the UK."

Speaking to the Sunday Telegraph, Goldman Sachs chief Michael Sherwood said he was "very encouraged" by the election result and the opportunity it gives Cameron to "present the European debate to the country as a majority government".

"I hope that after extensive discussion, the case for remaining in Europe will resonate with the British public," he added.