Even so, says Garel Rhys, professor of motor-industry economics at Cardiff University, car makers keep investing in Britain.

ECONOMIST: John Bull stays at home

Against this background, Garel Rhys, director of the Centre for Automotive Industry Research at Cardiff Business School, warned of further job losses in Wales' motor industry.

BBC: Bosch jobs threat 'devastating'

Prof Garel Rhys, of the Centre for Automotive Industry Research at Cardiff University, said the LTI product had been protected for too long by the lack of what he called "free market entry".

BBC: Coventry produces rival taxis for London market

Garel Rhys, professor of motor industry economics at Cardiff University Business School, points to a swathe of recent investments by Ford, Honda and others, made even though it was clear that Britain would not be in the euro from the outset.

ECONOMIST: Foreign investment