British Prime Minister David Cameron said on Wednesday (January 16) he did not favor holding an in or out referendum on Britain's membership of the European Union for now, but said he felt it was right to renegotiate its role in the bloc.

"I don't think it would be right for Britain to have an in/out referendum today because I think we would be giving the British people a false choice. Millions of people in this country, myself included, want Britain to stay in the European Union, but they believe there are chances to negotiate a better relationship," Cameron told parliament.

Cameron was answering questions on Europe ahead of a long-awaited speech he will deliver on Friday in the Netherlands in which he will set out his EU stance.

Asked by Labor opposition leader Ed Miliband if Britain would still be inside the EU in five years, Cameron repeated that he thought Britain was "better off in the EU".

Cameron said Britain should stay in the European Union if it wants a say on EU matters.

"The most dangerous thing for this country would be to see the changes that are taking place in Europe because of the single currency and stand back and say we are going to do nothing about it. What Britain should be doing is getting in there, fighting for the changes that we want so then we can ask for the consent of the British people to settle this issue once and for all," Cameron said.

Cameron, who wants to renegotiate the terms of Britain's EU membership and put the result to the electorate in a referendum, reiterated that he would not take Britain into Europe's single currency.

Some EU leaders and diplomats are anxious about the prospect of Cameron trying to reshape his country's relationship with the bloc and fear Britain may be drifting away from it.

-Reuters