Business for New Europe

It is feared that 3 million British jobs which rely on exports to European partners could be at risk

The businessmen are all signatories of a letter sent to the Telegraph newspaper, published today. Their intervention comes 10 days after David Cameron vetoed EU treaty reforms.

The businessmen wrote: '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 wealth creators also argue that it is in Britain's interest for the Euro to survive, and that the EU's single market is 'of great importance' to the UK.

They added: 'We therefore should do everything we can to ensure the necessary steps are taken to guarantee its viability.

'The EU’s single market, while not complete, is of great importance to Britain. It accounts for over half our trade, but we must deepen and widen it, and push for reform in services, telecoms, the digital arena and energy.

'It accounts for over half our trade, but we must deepen and widen it, and push for reform in services, telecoms, the digital arena and energy.

'It is imperative that we are not outside when important decisions are taken, and as opportunities arise over the coming months for Britain to re-engage in the decision-making process in Europe, we must seize them.'

Among the other signatories are Sir Martin Sorrel, chief executive of advertising group WPP, Roland Rudd, the chairman of Business for New Europe, former EU trade commissioner Lord Brittan, and Sir Stephen Wall, Tony Blair's former adviser on Europe.

European countries yesterday agreed to provide 150 billion euros (£125 billion) to the International Monetary Fund (IMF).

But Britain's decision not to take part in a scheme to support the struggling eurozone meant EU finance ministers failed to reach their target of 200 billion euros.

Britain has made clear that it will not be part of any effort intended specifically for the eurozone, but is ready to consider participating in a global effort to boost IMF resources at a meeting of the G20 group of major economies in Mexico in January.

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.'