Business Leaders Sign Letter Backing Remain

LONDON—More than 1,000 business leaders with operations in the U.K. on Wednesday urged British voters to keep the country in the European Union, a day ahead of a referendum that remains too close to call.

In a joint letter published in the U.K.'s Times newspaper, 1,285 executives—including representatives of half the companies in the blue-chip FTSE 100 index—said a British exit from the EU, or "Brexit," would hurt the U.K. economy.

The businesses named in the letter employ more than 1.75 million people in the U.K., according to the paper. Signatories include representatives of multinationals such as AstraZeneca PLC, Barclays PLC, Standard Life PLC, Anglo American PLC, General Electric Co., Unilever PLC, Vodafone Group PLC and Airbus Group SE. Former New York Mayor Michael Bloomberg, founder of financial news and information provider Bloomberg LP, and Richard Branson, founder of Virgin Group, signed as well.

"Britain leaving the EU would mean uncertainty for our firms, less trade with Europe and fewer jobs," the letter said. "Britain remaining in the EU would mean the opposite: more certainty, more trade and more jobs.

"We know our firms are stronger in Europe," it added. "Businesses and their employees benefit massively from being able to trade inside the world's largest single market without barriers."

The letter comes amid a flurry of other efforts by large corporations backing a "remain" vote, including letters appealing directly to their British employees.

"Leave" campaigners have also won the endorsement of several major British business figures and many smaller U.K. companies. They have championed a Britain unencumbered by EU regulations, administrative paperwork and other ties that they say hold British business back.

Still, the letter Wednesday also included several smaller U.K. companies, including a salt maker, a dairy farm and an operator of biking vacations.

"Smaller businesses and the people they employ are particularly vulnerable to any economic shock which could follow," the letter said, nodding to wider concerns that financial markets would experience a hit from Britain leaving the EU.

The missive gives a boost to U.K. Prime Minister David Cameron as he makes a last-ditch effort to convince voters that staying in the EU will safeguard jobs in Britain and ensure its economic prosperity. Earlier Wednesday, Mr. Cameron touted the letter as "worth listening to" as he told the British Broadcasting Corp., "I have been very frank about the warnings to our economy."

A representative of Vote Leave, the official leave-campaign body, didn't respond to a request for comment.

(END) Dow Jones Newswires

June 22, 2016 08:45 ET (12:45 GMT)

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