BRITAIN should stay in the EU despite warnings the organisation is corrupt and close to collapse.

That was the verdict of business leaders in a Darlington debate today (Wednesday, June 15).

More than half of the event’s near 100-strong audience voted for Britain to stay in the EU, with many changing their minds after hearing panellists’ views.

The discussion heard from campaigners on both sides, including Chi Onruwah, Labour’s Shadow Business Minister, who said the UK had much to lose outside the union, and Durham University Professor Kevin Dowd, who said the EU was democratically-deficient.

Ms Onruwah, MP for Newcastle Central, pointed to existing EU trade agreements, saying they meant a company in Darlington could be a success in Dortmund.

She told the event, which was chaired by The Northern Echo in association with Hewitts Solicitors, that a Brexit was not a viable option.

She added: “It is from within Europe that we can really grasp opportunities.

“The EU makes the UK stronger, it amplifies our voice and gives us more influence around the world, whether that is agreeing standards for new products or whether that is agreeing a global, fairer tax regime.

“The EU also gives us access to 500 million people without having trade barriers or tariffs.”

Ms Onruwah was supported by Jessie Joe Jacobs, North-East field director for the Britain Stronger in Europe campaign, who said leaving the EU would put the region at a great disadvantage through potential job losses and funding cuts.

However, Prof Dowd, a professor of finance and economics, told the event, which took place at Darlington’s Centre for Process Innovation building, that Britain was better off on its own.

He said: “The EU is governed by a corrupt and unaccountable kleptocracy; its five presidents are contemptuous of the peoples they misgovern.

“Its banking system is broken, its monetary policy a mess, it prevents us from making our own trade deals with other countries and is falling apart before our eyes.”

Prof Dowd was backed up by Andrew Saunders, North-East regional chairman of Business for Britain, which is putting forward the case for a Brexit.

Mr Saunders said British companies could negotiate better deals outside the EU, adding security would not be affected if the country was outside the EU because NATO would remain a bedrock of safety.

He added: “The growth is outside the EU; the Eurozone is a disaster zone.

“Let’s get out of their way and we will go and do our own trade deals around the world.”

However, despite the warnings, 52 per cent of the audience voted to remain in the EU, compared to 40 per cent who chose to leave.

The remaining eight per cent said they were undecided.

The numbers differed to a ballot held before the event, where 47 per cent voted to stay, 36 per cent opted to leave and 17 per cent were undecided.