Insider Media Limited

Just one in five businesses in Derbyshire and Nottinghamshire have said they remain unaffected by the ensuing eurozone crisis, according to new research.

A survey of local companies by the Derbyshire and Nottinghamshire Chamber of Commerce said that business confidence at 80 per cent of them had been affected by the European situation.

One-third of businesses believe that their business confidence has been shaken moderately by the ongoing problems, while 16.5 per cent are "significantly affected".

Only 20 per cent said they were unaffected.

German Chancellor Angela Merkel and French President Nicholas Sarkozy are this week expected to thrash out an outline plan to rescue the 17 countries of the Eurozone from the single currency's potential collapse.

At the centre will be 'fiscal union' - an arrangement through which 17 EU states will submit to a central financial authority with the power to control their budgets, over-rule national parliaments and impose sanctions on countries which attempt to break the rules.

George Cowcher, chief executive of the Derbyshire and Nottinghamshire Chamber, said: "These figures are concerning given that the ongoing European debt crisis is affecting the confidence – to some degree – of 80 per cent of our firms.

"This really is a crucial week in terms of deciding the fate of the euro and provides the Prime Minister with the ideal opportunity to put the national interest first by negotiating the return of substantial powers in employment law and regulation of the City to the UK in return for agreeing to back the proposed rescue deal."