UK 'needs EU law opt out' Business for Britain said the UK must be able to reject European Union laws unilaterally because the country has become increasingly isolated on issues such as financial services. Currently, policy can only be vetoed if several countries oppose it. "Britain's declining influence in the EU institutions has seriously undermined our ability to prevent a huge rise in the number and cost of regulations sent from Brussels," the lobby group said. With the UK Government looking at possible areas of renegotiation, David Cameron [should push] for a red card system for member states. The campaign group pointed out that between 1973 and 2013, Britain's voting power in the Council of Ministers decreased from 17pc to 8pc, and the UK now occupies just 9.5pc of seats in the European Parliament compared with 20pc in 1979. In the past 40 years, the UK contribution to the EU budget has risen eight-fold from £1.04bn to £8.31bn, in today's money. Despite the declining influence and rising costs, Business for Britain pointed out that "around 50pc of UK legislation with a significant economic impact originates from EU legislation," according to a House of Commons research paper. Recently, the UK has had to file a legal challenge to Brussels" proposed financial transaction tax and planned cap on bank bonuses, for fear that the laws would do lasting damage to the UK financial services sector. Bankers and politicians have interpreted the proposals as a direct attack on the City. The Prime Minister has promised to push for a treaty renegotiation to reflect the changing dynamics within Europe since the eurozone crisis. On Sunday, he told BBC One's The Andrew Marr show: "My goal is to renegotiate our relationship with Europe, very radically." Matthew Elliott, chief executive of Business for Britain, said: "Britain has recently been left as the sole voice opposing pernicious EU financial regulation and absurd budget increases. This is why it's more important than ever that the Government is able to get a better deal for Britain, including a veto that will stop bad EU laws holding back growth and jobs in this country.