IT IS “very important” for Oxford’s future that Britain remains in the European Union, a former science minister and business guru has warned.

Lord Drayson, founder of multi-million pound Oxford firm PowderJect, said the city’s success depends on collaboration.

He said: “The secret of Oxford, which is built upon its academic, scientific and industrial excellence and exchange, is that it is a city which has been at the heart of an outward-looking view of the world.”

He added: “The Mini plant depends on being in Oxford and Oxfordshire but having connections to the wider world and Europe in particular is very important.”

Lord Drayson pointed out that Oxford’s academics and scientists work with researchers all over the world, including Europe.

Citing the European Space Agency, which has headquarters in Harwell, he said: “I was involved in setting that up when I was science minister.

“That would never have happened if we had not been part of Europe.”

Lord Drayson, an amateur racing driver who broke land speed records for a lightweight electric car through his firm Drayson Racing Technologies in 2013, also said British astronaut Major Tim Peake was in the International Space Station crew “only because the UK is part of the European Community”.

Lord Drayson, also entrepreneur in residence at Magdalen College, described the possibility of leaving the EU, should the referendum on June 23 result in so-called Brexit, as “a real step backwards”.

A science minister from 2008 to 2010 under Tony Blair, he was guest of honour at an event hosted by the college last week to celebrate The Oxford Science Park’s 25th anniversary.

Magdalen College acquired the remaining 50 per cent share of the Oxford Science Park in December for £18.1m.

The Park is home to 60 firms, ranging from start ups to multi internationals.

Lord Drayson and wife Elspeth launched PowderJect at Oxford Science Park in 1993.

Unable to afford an office, they rented a corner of someone else’s.

When PowderJect mushroomed into a £550m company with a 40 times’ return to shareholders, Magdalen College’s share holding netted it £21m.