BBC Economics Correspondent Rory Cellan Jones: Some bosses are nervous about exclusion

They warn that staying out indefinitely "would pose a serious threat to our future prosperity and to our influence in the world".

Those who have signed include the bosses of companies with a total turnover of more than £200bn, equivalent to about a quarter of the UK's gross domestic product.

The statement, published in the Financial Times, backs the decision to stay out of the first wave of countries entering the single currency.

It is argued that this allows the UK to monitor the progress of economic and monetary union during the early stages and "assure ourselves that the necessary criteria are met".

Economic interest

But the statement continues: "Britain's best economic interest is likely to involve joining soon after EMU is established, and the best policy for Britain is one based on the assumption that we will join."

Lord Marsh and Sir Brian Nicholson discuss the pros and cons of euro membership

The business leaders state Britain should aim to join "as soon as the conditions for successful entry are in place".

They say there are "clear economic advantages to British membership, and clear disadvantages to long term self-exclusion".

The statement adds: "The creation of the European single currency will be a force for economic stability.

"It will promote low and stable interest rates and low inflation, and encourage prudent fiscal management.

"It will strengthen the single market and free companies trading within the Euro area, our major market, from the uncertainties of exchange rate fluctuations.

"Membership of the single currency, if it works well, will promote trade, investment and economic growth. Each of these help to create jobs.

"A decision to remain outside the single currency indefinitely, on the other hand, would pose a serious threat to our future prosperity and to our influence in the world.

"Outside EMU, British business would be burdened with higher interest rates and a more exposed currency than its competitors."

Signatories include chiefs of leading companies, inward investors and small and medium sized businesses from every part of the UK and all sectors of the economy.

The statement is likely to strengthen the hand of those in government, such as the chancellor and trade and industry secretary, who both favour early entry into the single currency.

Statement's organiser

The Chairman of BUPA, Sir Bryan Nicholson, who is a former president of the Confederation of British Industry, co-ordinated the statement.

He said: "The vast majority of British firms want Britain to join a successful single currency because it will mean a much more stable economic future for Britain.

"They see membership of the single currency as vital to Britain's future prosperity and influence.

"The government should take steps to set us on course for membership as soon as practicable."

Other signatories include: Abbey National Chairman Lord Tugendhat; British Aerospace Chief Executive Sir Richard Evans; British Airways Chief Executive Lord Marshall; EMI Group Chairman Sir Colin Southgate; Glaxo Wellcome Chairman Sir Richard Sykes; Granada Group Chairman Gerald Robinson; United News and Media Chief Executive Lord Hollick; Northern Foods Chairman Lord Haskins; British Midland Chairman Sir Michael Bishop; vacuum cleaner manufacterer James Dyson and Rank Group Chairman Sir Denys Henderson.