Later this month Europe's leaders will come together to sign the much talked about EU Reform Treaty. But while it's called a reform treaty, in reality it is just the old EU constitution repackaged and delivered through the back door, just in time for Christmas.

Eurosceptics tell us that this is one present we don't want, but is it really such a disappointment for business? One thing is certain: the reform treaty, constitution, or whatever else you want to call it, is not going to radically change things overnight. But, while the implications won't be immediately felt, they could nonetheless be deep and long-term for UK business.

There has been much talk about so-called "red lines", protecting UK interests. These are deceptive. For business, the most significant red-line issue is the Charter of Fundamental Rights. If this becomes legally binding, it could gradually roll back the UK's labour law reforms.

The government tells us this cannot happen under the agreement it has won. Unfortunately, everyone else—including legal experts, the House of Commons European scrutiny committee and the European Court of Justice—disagrees.

Politicians and journalists have become so obsessed with red lines and the question of a referendum that other areas where powers have been relinquished wholesale to Brussels are all but forgotten.

Some big-ticket issues, such as setting up an EU president, will send Eurosceptics into apoplexy, but by and large will mean nothing to business interests.

Other changes are less innocuous. For example, majority voting will be extended to 60 more areas, including employment policy for the self-employed.

This will come to pass at the same time as the UK's voting weight drops by 30 per cent. And to cap it all, these powers could be extended at a later date without any further treaty change.

Whatever your take on Europe—pro, anti or indifferent—one thing is sure: this document should be explained in the clear light of day by our political leaders. So far, it has not been.