British Prime Minister David Cameron on Wednesday said he would hold a referendum on Britain's EU membership, if his Conservative Party wins the next election, expected in 2015.

"It is time for the British people to have their say. It is time for us to settle this question about Britain and Europe," Cameron said in a long-awaited speech on the future of Britain-EU relations.

"Public disillusionment with the EU is at an all-time high," Cameron said. "That's why I am in favour of a referendum."

With the EU in a flux and its future not clear, Cameron said he wanted to renegotiate Britain's relationship with the EU before asking people to vote, so that people's choice could be "a real one."

The British people would face a "very simple choice" either to accept the result of the talks, or to leave the EU altogether, he said.

"It will be an in-out referendum," Cameron said.

But he believed it was premature to have the referendum immediately. "A vote today between the status quo and leaving would be an entirely false choice," he said.

He said his country would survive outside the EU, but cautioned people to think carefully because there would be no return.

"Alone, we would be free to take our own decisions," he said. But within the EU, "we have more power and influence."

Cameron postponed the much-anticipated speech because of the Algerian gas plant hostage crisis. The speech was originally scheduled for last Friday in Amsterdam.

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