Britain's main business group says the benefits of staying in the European Union outweigh the costs, though reforms are urgently needed for it to remain in the national interest.

The Confederation of British Industry released research Monday showing EU membership was worth between 62 billion pounds and 78 billion pounds ($99 billion to $124 billion) annually — about 4 percent to 5 percent of GDP.

The CBI's director general, John Cridland, says there's growing unease about the "creeping extension of EU authority." The organization cited "mission creep" in the areas of health and safety and welfare legislation. But Cridland insists Britain is better off in a reformed EU than outside with no influence.

Cridland says the EU must modernize and secure trade deals with the United States, Japan and others.