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Anthony Bamford, head of the family owned JCB, sasy Britain would be better off outside the EU.

Asked if it would be better for the UK to quit an unreformed EU, he said: “I think it would be, because I really don’t think it would make a blind bit of difference to trade with Europe. There has been far too much scaremongering about things like jobs. I don’t think it’s in anyone’s interest to stop trade. I don’t think we or Brussels will put up trade barriers.

“What is needed is a lot less red tape and bureaucracy. Some of it is costly for us and quite frankly ridiculous. Whether that means renegotiating or exiting, I don’t think it can carry on as it is. It’s a burden on our business and it’s easier selling to North America than to Europe sometimes.”

Meanwhile, chairman Lord Bamford told the BBC that the UK “could negotiate as our own country rather than being one of 28 nations in Brussels as we are today”.

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