The bosses of some of Britain’s top companies, including budget airline easyJet, defence contractor BAE Systems and oil group Shell, have signed a letter in support of the UK remaining inside the European Union.

The letter is signed by the chair or chief executive of about a third of the businesses on the FTSE 100 index of Britain’s largest stockmarket-listed companies.

However, there are some notable absentees from the list, including Tesco and Sainsbury’s. Rival supermarket chain Morrisons, which dropped out of the FTSE in 2015, also declined to sign the letter, which was compiled by City PR boss Roland Rudd. The supermarket chains, which declined to back either side in the Scottish referendum, said the choice of whether to stay in the EU was one for the British people.

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The letter reads: “The businesses we lead represent every sector and region of the United Kingdom. Together we employ more than one million people across the country.

“Following the prime minister’s renegotiation we believe that Britain is better off staying in a reformed European Union. He has secured a commitment from the EU to reduce the burden of regulation, deepen the single market and to sign off crucial international trade deals.

“Business needs unrestricted access to the European market of 500 million people in order to continue to grow, invest and create jobs. We believe that leaving the EU would deter investment and threaten jobs. It would put the economy at risk.

“Britain will be stronger, safer and better off remaining a member of the European Union.”

Tesco said in a statement: “The referendum on EU membership is a decision for the people of Britain. Whatever that decision is, our focus will continue to be on serving customers.”



A spokeswoman for Sainsbury’s said it was an “apolitical organisation” and the vote on Europe was a “matter for the British people”.

Sainsbury’s, Morrisons and Tesco have all concluded that backing a vote to stay in the EU could deter customers, despite each company having built different retail operations. Sainsbury’s and Morrisons operate in the UK only, while Tesco, the UK’s largest retailer, has established itself as a leading business overseas.

Tesco is one of the largest supermarket chains in Ireland and is heavily involved in eastern Europe. It has stores in the Czech Republic, Slovakia, Poland and Hungary – all of which are EU countries. It also has stores in Turkey, China and across east Asia.

Two of Britain’s biggest banks are also missing from the letter. Lloyds Banking Group – 9% owned by taxpayers – declined to back the letter, saying the referendum was “ultimately a matter for the British people”. Its chairman, Lord Blackwell, has spoken publicly about the need to reform the EU. Barclays, headed by its chairman, John McFarlane, is not signing the letter because such a move would be against company policy, but the bank said in statement that it was in “the best interest of customers” to stay in the EU.

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Other figures missing from the letter included some of David Cameron’s business advisers, among them Alison Brittain, chief executive of Costa Coffee owner Whitbread, Robert Noel, the chief executive of property company Land Securities and Jeff Fairburn who heads housebuilder Persimmon, which as a company has adopted a neutral stance on the referendum.

Signatories to the pro-EU letter – scheduled for publication in Tuesday’s Times newspaper – include Sir Roger Carr, the chair of BAE; Carolyn McCall, the easyJet chief executive; and Ben van Beurden, Shell chief executive. They are joined by the BT chairman, Sir Michael Rake, and the outgoing Marks & Spencer chief executive, Marc Bolland, who is backing EU membership in a personal capacity. Marks & Spencer said it would not be signing the letter. A spokeswoman for the retailer said: “We believe it’s a decision for the people of Britain to make.”



Alongside FTSE bosses, a host of small business leaders are also backing the document. Richard Reed, the founder of the Innocent drinks chain, has been responsible for supplementing the list of FTSE 100 leaders with entrepreneurs and heads of smaller companies.

The decision to write the joint letter follows David Cameron’s announcement at the weekend that the referendum on Britain’s EU membership would be held on 23 June.



The prime minister named the date after concluding negotiations on a new settlement with the other 27 members of the bloc.

Cameron said his focus on expanding the single market and stemming the tide of regulations would support jobs and growth. He also stressed that Britain could put a brake on plans for the country to be part of an ever-closer union after his agreement with EU leaders.