- 3 updates
Former Business Secretary Lord Mandelson said: "If Britain quit the EU, amongst the losers would be businesses foregoing trade and investment opportunities, their employees whose jobs and workplace rights would be at risk, the police and security agencies who would sacrifice vital collaboration."
"The British people would lose the freedom to travel, live and work as they wish across Europe," he continued.
"In return we would get the dubious satisfaction of standing alone in the world."
Treasury minister Danny Alexander said the EU was "one of the central pillars of British prosperity and security".
"Membership of the EU gives market access to British firms, makes us more attractive to overseas investors, and underpins more than three million British jobs," he said.
"EU trade deals with the US, India, Canada and Japan will be worth billions to the UK economy but could not be won by the UK alone."
"Britain must work with our allies for change from within to ensure the EU continues to take reform seriously.
"The isolationists are reckless with our prosperity and security. We cannot let them succeed."
Conservative minister Ken Clarke has joined forces with Liberal Democrat Danny Alexander and Labour's Lord Mandelson to warn that leaving the EU would be an "historical error".
The politicians insisted the UK should work to reform the organisation from within rather than walking away.
Mr Clarke, regarded as the sole Conservative europhile in the Cabinet, said: "David Cameron has already shown what can be achieved in Europe through strong, determined leadership.
"We earn our living in a globalised economy and a world in which nations are interdependent in tackling global and regional problems.
"We can help to promote our own interests best by reinforcing our role as a leading nation in the EU."