The boss of construction equipment company JCB, Lord Bamford, has said that he would be in favour of Britain exiting the European Union.

Lord Bamford told BBC Midlands that, in his opinion, an exit would mean the UK could "negotiate as our country rather than being one of 28 nations".

"We are the fifth or sixth largest economy in the world. We could exist on our own - peacefully and sensibly," he added.

Prime Minister David Cameron has promised a referendum on the UK's EU membership by the end of 2017.