Motor industry executives have warned that Britain’s wait-and-see approach to the euro could jeopardise future investment in the sector. At a government seminar hosted by Geoffrey Norris, Tony Blair’s transport adviser, senior managers at the UK’s car makers said they wanted to see British membership as soon as possible.

The electronic marketplace for the automotive industry to be set up by General Motors, Ford, DaimlerChrysler, Renault and Nissan is to be called Covisint - an acronym for connectivity, visibility and Internet. In May, Toyota signalled its willingness to join the project, which was announced last February, but not to hold any equity in the separate company.

Consignia is to outsource its 40,000-strong vehicle services operation, which includes heavy goods vehicles, light commercial vehicles and business cars. While the former post office is said to prefer a joint venture, it has not ruled out a sale of the entire fleet, which could result in 1,700 workers transferring to the successful bidder.