Peter Mandelson today met the boss of Vauxhall's new owner in the hope of securing jobs in the UK, but came up with little in the way of assurances for workers.

The business secretary lunched with the boss of Canadian auto parts company Magna at the British Embassy in Berlin in a bid to try to protect as many jobs as possible after the collapse of parent company Opel.

But while Magna co-chief executive Siegfried Wolf said “every job loss in the UK would be one too many” he also warned: “At the end of the day we are it is a very competitive environment.”

Observers felt this left the door open for widespread redundancies among the 5,000 Vauxhall workers in Britain.

It also emerged in Berlin that the German government is also still talking to other would-be savours following the meltdown of Opel's owner GM in America.

Economics Minister Karl-Theodor zu Guttenberg told Lord Mandelson in talks before his lunch with Wolf that “nothing has been finalised” with Magna.

Lord Mandelson said; “We have had very positive talks. We will find a solution that is fair fro Britain.”

Magna is leading a Canadian and Russian consortium that has agreed a memorandum of understanding to acquire a 55% stake in Generals Motor Europe.

Lord Mandelson added: “It is impossible to predict conclusively if the memorandum of understanding that we have now will translate into final agreement. We hope it will. But, we also have to keep our mind open to alternatives if that memorandum of understanding does not convert into a final agreement. We are agreed on that."

Lord Mandelson reportedly has offered a big taxpayer funded incentive to Magna to safeguard British jobs.