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 The pound posted its biggest one-day loss in almost six years on
Monday on concerns Britain could vote to leave the 28-member bloc,
prompting the business leaders to join forces to argue for the
economic merits of EU membership.
Organized by the Britain Stronger in Europe 'In' campaign with the
support of Cameron's Downing Street office, the letter was signed by
bosses at nearly 200 companies. Among them were 36 FTSE 100 firms,
including telecoms group BT <BT.L>, retailers Marks & Spencer
<MKS.L> and Asda <WMT.L>, and oil firm BP <BP.L>.
It echoed a similar move by big business in the run up to 2014
Scottish independence referendum. But perhaps wary of that
experience, when some voters pledged to boycott firms wading into
politics, some of Britain's biggest employers refrained from signing
the letter.
Some executives also signed it in a personal capacity, making clear
that their companies remained neutral.
 "Business needs unrestricted access to the European market of 500
million people in order to continue to grow, invest and create
jobs," said the letter, published in the Times newspaper.
"We believe that leaving the EU would deter investment, threaten
jobs and put the economy at risk. Britain will be stronger, safer
and better off remaining a member of the EU."
The letter was a potential boost for the prime minister who has
endured a tough few days since he agreed new British terms with EU
leaders at a summit in Brussels last week.
He suffered a major blow on Sunday when London mayor Boris Johnson
said he would campaign for Britain to leave the bloc, and on Monday
he was forced to mount a defense of his deal in parliament where
most of the criticism came from his own divided party.
The stakes are high in the June 23 referendum. A vote to leave would
not only transform Britain's future in world affairs but also shake
the EU, which has struggled to maintain unity over migration and
financial crises, by ripping away its second-largest economy and one
of its main military powers.
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BIG BUSINESS
Some bosses, particularly consumer-facing businesses, chose not to
sign the letter.
Tesco <TSCO.L>, Britain's biggest private employer with 310,000
staff, said the June 23 referendum was a decision for the people of
Britain and that its focus remained on serving its customers.
Sainsbury's <SBRY.L>, the country's second biggest supermarket, said
it was an apolitical organization which would leave the British
people to decide.
The move to call on the voice of big business was not without risk
as "Out" campaigners cast the EU as the instrument of a global elite
which is out of touch with ordinary Britons.
Jim Mellon, a fund manager who is helping fund the "Out" campaign,
told the BBC the signatories were mostly people who had "crawled
their way up the corporate ladder" rather than "true entrepreneurs"
who had started new businesses.
Rejecting the warnings of those who say a vote to leave would be a
"leap in the dark", he said he foresaw very dark days ahead for
Europe, predicting that the European Union would soon fracture due
to the constraints of the euro zone.
(Reporting by Kate Holton; Editing by Guy Faulconbridge/Jeremy
Gaunt)
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