finance ministerONDON – Prime Minister David Cameron’s plan to claw back powers from the European Union is doomed and Britain would be better off leaving the 27-member bloc, former finance minister Nigel Lawson said on Monday.

Mr Lawson, who served as Margaret Thatcher’s finance minister from 1983 to 1989, is the most senior member of Mr Cameron’s Conservative Party to call for Britain to withdraw from the EU.

Mr Cameron promised in January to renegotiate the terms of Britain’s 40-year-old membership of the bloc and to hold an”in-out” referendum if he is re-elected in 2015.

Writing in the Times newspaper on Monday, Mr Lawson said Mr Cameron attempts to claw back powers from Brussels would probably only secure “inconsequential” results.

Source : www.businesstimes.com.sg/breaking-news