UK 'overwhelmingly' better off in EU, says CBI

Staying in the European Union is "overwhelmingly" in Britain's interest, although reforms are urgently needed, business leaders have said.

The Confederation of British Industry has highlighted research showing that EU membership was worth between £62 billion and £78 billion, around 4-5% of the UK's total economic output.

But the business group, which holds its national conference in London today, called for a number of reforms, including removing barriers to e-commerce, becoming more outward-looking and re-focusing the work of EU commissioners.

The CBI also proposed a moratorium on legislation which could be made at national level, and a permanent UK opt-out from the Working Time Directive.