The British Chambers of Commerce says that the results of its latest European Union Business Barometer survey indicate that more than half of UK companies want to re-negotiate their relationship with the EU.

Although most do not favour a withdrawal from the economic bloc, a growing number feel that transferring specific powers back to Westminster would benefit British business.

John Longworth, director general of the BCC, said: “These results show firms believe that a renegotiated relationship with the EU, rather than further integration or outright withdrawal, is most likely to deliver economic benefit for the UK.

" They do not want to get caught up in the whirlpool of further integration; only 20% of the firms we surveyed felt that this would be beneficial, yet the same companies say they do not want to rush for the exit.

“Unless the EU is perceived to function in the interests of all of its member states, it will continue to lose legitimacy — not just among the voting public but among business people as well. The prospects for UK business and trade would be improved substantially if meaningful EU reform were to take place.

"Yet the completion of the Single Market, no matter how huge an opportunity, is not the most important element of any negotiations with the UK’s European partners. The top priority must be to secure safeguards for Britain against decisions that the EU is yet to take. This will prevent Britain from the tangle of an “ever-closer union” that the euro-zone will inevitably now pursue.”