British Prime Minister David Cameron is under pressure from his own party’s Eurosceptics to hold a referendum on the country’s membership of the European Union.

Many believe that the UK economy is being hampered by unnecessary rules imposed by Brussels. Evidently, some Conservative MPs are demanding that the country’s existing ties with the EU bloc be loosened to a relationship that is based on trade partnership.

At the same time, Cameron is also resisting a push by many member states, like France and Germany, to grant central authorities in Brussels greater powers over financial and legal affairs.

For the time being, Cameron seems to believe that the UK’s best interests are better served by staying in the EU so that it can have access to the European Single Market and also have a say in how it is governed.

For the record, he is due to make a speech in which he would outline his position about this politically divisive issue of his country’s relationship with Europe. A few days ago, he pledged that Britain could get the changes it wanted. Unfortunately, this issue has fuelled talk that the UK could eventually withdraw from the EU.

In this light, 10 high-profile business leaders warned their Prime Minister not to seek a wholesale renegotiation of the UK’s membership of the EU. In a letter published on January 10 in The Financial Times, they argued that Britain’s EU membership is being put at risk and that such a move is creating damaging uncertainty for British business.

In their letter, the outspoken executives admitted that Cameron was right to dismiss the idea of emulating Norway or Switzerland, which already are enjoying a trading relationship with the EU. Alas, they have no say in the rules of the European Single Market.

The businessmen maintained there was an urgent need for EU reform in areas such as employment legislation as well as the EU budgets. They went on to suggest that such a plan could fail, pushing the UK out of the EU and hurting business in the process.

Of course, EU membership has given the UK access to the massive European market and a say in how the region should govern itself and run its financial markets.

The country has also benefited from EU funds to build infrastructure such as broadband networks.

The recent turbulent economic times have forced the 17 countries members of the eurozone to move ever closer, bringing about a more powerful union that could leave non-euro members like Britain with less negotiating power.