More than 50 leading figures from the world of finance have called on the government to begin a debate on Britain's future in Europe and the single currency.

The lobby group called The City in Europe have written a letter to the Financial Times, saying their aim is to "promote public understanding of the importance to Britain of playing a leading role in the European Union". They also intend to "stress the importance of preparing to join the single currency". Among the backers of the campaign are the chairman of Goldman Sachs Peter Sutherland and Lord Kingsdown, former governor of the Bank of England. In their letter they say that the City would benefit if Britain plays a leading role in Europe and adopts a successful euro. Before there is a referendum on euro entry Chancellor Gordon Brown wants to be sure that adopting the single currency would not damage the City. But later this week the group Business for Sterling which wants to keep the pound plans to unveil its own research endorsed by other senior City figures. The group says this shows the City would be more profitable and competitive if Britain remained outside the eurozone.