HEAVYWEIGHT politicians are set for a showdown tonight as the Oxford Union debates whether Britain should quit the European Union (EU).

Students in the historic chamber will hear each side as they consider the motion "this House Believes The United Kingdom Should Leave the European Union".

Those suppporting it are Labour MP Gisela Stuart MP, chairman of Vote Leave, former Conservative Party leader Lord Michael Howard QC and a "high profile" businesses executive who has not yet been named. 

They are up against former Scottish First Minister Alex Salmond MP, former Shadow Home Secretary Yvette Cooper MP and Lord Michael Heseltine, who served as Deputy Prime Minister under Sir John Major.

It is effectively the second time the union has considered whether Britain should be part of the European trading bloc.

A previous debate was held in 1975 ahead of a referendum on the UK's membership of the then European Economic Community. At that time it carried the motion to be part of the EEC by 493 votes to 92.