(VOVworld) – More than 300 business leaders are calling on Britain to vote to leave the European Union, saying that Britain’s competitiveness is being undermined by their membership of a failing EU.

Around 320 business leaders have backed a letter backing a Brexit. (Photo: GERARD CERLES)

The business leaders expressed their support in a letter published in the Daily Telegraph on Monday, few days after the International Monetary Fund and the Bank of England warned that a Brexit from the EU could push the economy into sizeable losses. The letter claims Brussels’ “red tape” stifles every one of Britain’s 5.4 million businesses, even though only a small minority actually trade with the EU. The business leaders said that freed from EU regulation post-Brexit the UK’s economy will be free to grow faster, expand into new markets and create more jobs.