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Car prices would rise and annual output could fall to as little as one million by 2024, the data by AutoAnalysis said.

Europe's stagnating auto market will have knock-on effects for other economic players including steel producers, Nomura analyst Matthew Kates said in a note, citing forecasts by consulting firm AutoAnalysis.

According to AutoAnalysis, a research company, Britain will produce 1.6m cars this year – an increase of 19% on 2011.

No new plant closures are on the horizon because foreign companies with operations in Britain are increasingly embedded in the country's economy and uprooting them would cost too much, Autoanalysis Director Ian Henry said.