Former bosses from BT Group and J Sainsbury will this weekend join dozens of entrepreneurs in demanding a "people's vote" on the final terms of Britain's exit from the European Union.

Sky News has‎ learnt that a letter effectively calling for a second EU referendum will warn of economic damage being wrought by "either a blindfold or destructive Brexit".

The letter, which is to be published in The Sunday Times, is understood to have been signed by more than 50 senior businesspeople, and will herald the launch of Business for a People's Vote, a new strand of campaigning to take place during the coming weeks.

Signatories to the letter are understood to include James Daunt, the Waterstones' chief executive; Justin King, the former Sainsbury's chief executive who now heads the portfolio operations of private equity firm Terra Firma Capital Partners; Baroness Lane-Fox, the co-founder of Lastminute.com and board member at Marks & Spencer; Sir Mike Rake, former chairman of BT Group; and Richard Reed, co-founder of Innocent Drinks.

Image: The chief executive of Waterstones, James Daunt, is thought to be among the signatories

The remaining signatories are understood to largely consist of founders and bosses of privately owned businesses, with public company chiefs reluctant to speak openly about the politics of Brexit for fear of a backlash from employees, customers and other stakeholders.


"It feels like the right time to be flying the flag with just a few months to go before the looming possibility of a cataclysmic Brexit", said one of the people who has signed it.

Business groups such as the CBI have expressed caution when asked about the possibility of a second referendum, preferring to focus in recent months on the importance of securing acceptable new trade arrangements.

Sunday's letter has been co-ordinated by The People‎'s Vote campaign group chaired by Roland Rudd, the City public relations chief whose sister, Amber Rudd, was the Home Secretary until earlier this year.

One source who has seen the latest intervention from business leaders said it would warn that the Brexit proposals being discussed by the government and European Commission would not deliver frictionless trade for Britain after March next year.

It is understood not to refer directly to another referendum but says the "ultimate choice" should be given back to the electorate.

The ‎letter will be published a fortnight after the organisers of a march in London to demand a second referendum claimed it was attended by 700,000 people.

Theresa May has insisted that a so-called people's vote is off the agenda, and argued this week that a deal is within striking distance.

The prime minister told more than 100 business leaders this week that they should lobby MPs to support an eventual withdrawal agreement in order to secure its passage through parliament.

The full letter and list of signatories are expected to be published in The Sunday Times this weekend.