Vitol chief warns against British exit from the EU

Vitol chief executive Ian Taylor has warned against a British exit from the European Union (EU).

Taylor, a major backer of the Conservative party, said it was damage Britain's trade interests if it were to leave the EU.

"Britain's interests are better served by being in the EU because it's a free market with tremendous benefits," he told the Sunday Telegraph.

"I think coming out of the EU would be bad for the UK."

Taylor warned that the government would have to re-agree a large number of its trade and financial service agreements and that this would be "quite painful" because "no one will realy want to assist us".

"Why should they?" he continued. "Suddenly we are one country of 65m, not a major part of the EU."

The Vitol boss also said that countries such as China or America would be less interested in deals in the UK were outside the EU.