Manufacturing bosses have responded relatively positively to Prime Minister David Cameron's commitment to "reshape the EU from within" with the manufacturers' organisation EEF saying "his ambition to secure a better deal for Britain is right".
However, EEF says the strategy "is not without risk".
It points out that if the door to a UK exit from the union is open it will diminish the country's ability to influence reforms that Europe needed.
It was also far from certain that the outcome of negotiations wouldl be clear cut, meaning that greater uncertainty about UK membership – particularly for business, would prevail.
Commenting on today's speech by the Prime Minister, EEF chief executive Terry Scuoler said: "The Prime Minister's speech set out a compelling vision of how Europe needs to change. It is in the interests of the UK and business that the EU is a dynamic economy creating jobs and prosperity for all member states. We must work better with Europe to make Europe work better for Britain."
Scuoler added: "What we need from here is a dramatic improvement in the quality of rhetoric and debate around UK membership if the British public is to make a properly informed decision."