Business Secretary Greg Clark says the UK “would regret it forever” if it lost its status as a world leader in car manufacturing after Brexit.

He added it was “concerning” that Toyota UK had said if Britain left the EU without a deal it would temporarily halt production at its factory in Burnaston, near Derby.

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Elon Musk must step down as Tesla chair and pay a fine after reaching a deal with US regulators over tweets he posted about taking the firm private.

It follows Thursday’s decision by the Securities and Exchange Commission (SEC) to sue Musk for alleged securities fraud.