Their unreliable track record

The CBI backed the exchange rate mechanism – the precursor to the euro – which led to interest rates soaring into double figures. Only after the UK crashed out of the ERM on ‘Black Wednesday’ in 1992 – against the CBI’s advice – did Britain enjoy a sustained period of economic growth.

The CBI said Britain should join the euro when it launched in 1999, arguing that the single currency would ‘deliver significant benefits to the UK economy’.

A 2013 study by the CBI found EU membership was worth £3,000 per household in Britain, but it was widely derided.

In May 2015, then CBI president Sir Mike Rake said there was ‘no credible alternative’ to Britain remaining in the EU.

In February 2016, the CBI organised a letter from 21 European business federations calling for the UK to stay in the EU.

The CBI receives around £148,000 of funding a year from the European Commission.