The issue of Vnuk and insurance is very important and my hon. Friend is absolutely right to raise it. Our assessment is perfectly clear: if it is not amended, the proposal has the potential to shut down UK and European motorsport industries. We take it very seriously. Of course, there would be further impacts on innovation throughout the UK automotive industry, and potentially more widely.
I am grateful for the Minister’s response. From my conversations with the Motorsport Industry Association, I know that it cannot sing the praises of the Department and officials more highly in respect of this incredibly important point. If the motor insurance directive comes into force, not only will it completely destroy the market for the most innovative part of our automotive sector, but during the transition period it may also destroy the UK domestic market. I know that the Minister is doing everything he can to try to sort this situation out, but I ask him to redouble his efforts and work as hard as he can to make sure that we do not lose the crown jewels of our motor industry.
I thank my hon. Friend very much for the recognition of the work that my officials and I have been doing on this issue, which we take extremely seriously. Lotus, Williams, McLaren—this country has a £10 billion motorsport industry. These ill-judged arrangements might put it at risk, and we are determined to do everything we can to prevent that.