Motor industry executives warned on Thursday that Britain's wait-and-see approach to the European single currency could jeopardise future investment in the sector, reports today's Financial Times.
An industry seminar at Downing Street to discuss the future of British car-making identified euro-membership as a vital step to ensure survival.
"There was complete consensus on the euro, which all the manufacturers want Britain to join as soon as possible," said one director at the meeting, which was attended by the chief executives of Vauxhall, Ford of Britain and Unipart, along with academics and industry consultants. The talks centred on measures to offset the strength of sterling and improvements in training, distribution and parts supplies.
One delegate at the seminar - hosted by Geoffrey Norris, transport adviser to Tony Blair - said manufacturers were reviewing investment decisions in light of the government's policy on the single currency.