Sajid Javid has broken ranks with the Cabinet to declare that the costs of remaining in the European Union outweigh the benefits

Business Secretary Sajid Javid has broken ranks with the Cabinet to declare that the costs of remaining in the European Union outweigh the benefits.

The senior Cabinet Minister made his comments during an online row with pro-EU group, Stronger In.

Stronger In had tweeted: ‘The Business Secretary is clear: being in Europe means more trade for UK businesses, helping them create more jobs.’

It then quoted him saying: ‘If all the free trade agreements currently being negotiated by the UK and EU are agreed, they could boost UK exports by up to £40billion.’

Mr Javid immediately hit back to distance himself from the pro-EU camp and warn that the Government could yet opt to back leaving the EU.

He said: ‘Actually, @StrongerIn, Business Sec IS clear: currently costs outweigh benefits. Unless we get major reform, nothing’s off the table.’

Mr Javid, one of the most Eurosceptic members of the Cabinet, last month suggested David Cameron could yet recommend quitting the EU if negotiations with Brussels go badly.

Most observers believe there is no chance of the Prime Minister wanting to campaign for a so-called Brexit.

However, Mr Javid’s latest intervention will pile pressure on Mr Cameron to secure concrete concessions leading to treaty change before an in-out referendum is held.

Most of the business ‘establishment’ is behind staying in the EU. Yesterday, however, the Eurosceptics received a major boost when former Tory treasurer Peter Cruddas gave the Vote Leave campaign £1million.

The donations arms race between both sides is accelerating ahead of the referendum.

Mr Cruddas, an online trading tycoon, said he believed Vote Leave would spend close to £20million by the time voters went to the polls.

He told the Financial Times: ‘We are confident we will raise that. There are some big businesses, big business names that are with us, but they haven’t declared yet.’

The multi-millionaire said he was very hopeful his side would win: ‘I’ve bet £1million, although I’ll never get it back. If I was the politicians, I’d hang on to my hat.’

Mr Cruddas’s optimism came as the co-chairman of rival Eurosceptic group, Leave.EU, called for the two teams to come together.

Insurance millionaire Arron Banks wrote to Vote Leave warning that the chances of a Brexit were being damaged by both campaign teams duplicating costs and efforts.

Mr Javid, one of the most Eurosceptic members of the Cabinet, last month suggested David Cameron could yet recommend quitting the EU if negotiations with Brussels go badly

Meanwhile, the campaign to keep Britain in Europe is set to hire US digital guru Jim Messina to help its argument.

Mr Messina served as White House deputy chief of staff for operations under President Barack Obama. He also helped the Conservatives win a majority in May.

n The referendum on Britain’s EU membership will not now happen until late 2016, it was reported last night.