'Brexit' would be bad for business -Lloyd's of London CEO

LUXEMBOURG, May 27 (Reuters) - A British referendum decision to leave the European Union would damage the country's business prospects, Lloyd's of London Chief Executive Inga Beale said in Luxembourg on Wednesday.

Britain's Conservative government, elected this month, has promised a referendum on the country's membership of the European Union by the end of 2017, though expectations are growing that the referendum will take place next year.

"We believe it would be bad for business. We think that open trade and being part of a bigger community is very important," Beale said in response to a question at the annual meeting of trade body Insurance Europe.

(Reporting by Jonathan Gould; editing by Susan Thomas)