Britain is in danger of losing its dominance of the world motorsport industry – worth £5bn a year and employing more than 40,000 in the UK alone – the chief executive of the Motorsport Industry Association trade body warned on Friday.

Aggressively increased competition from Italy, Germany and other European nations, the risk of the US industry taking the lead in terms of developing energy-efficient motorsport, and a technology clampdown in Formula One were among reasons cited by Chris Aylett to industry leaders at Autosport International, the industry’s annual trade show, at Birmingham’s NEC.