County MEP Derek Clark has called on the Government to do more to protect British jobs.
The UKIP East Midlands MEP, who lives in Northampton, voiced his concern after news the county’s engineering firm Cosworth is to lose its biggest Formula 1 client.
Just days before the Silverstone showpiece, news broke that Williams had signed a deal with French rival engine provider Renault.
It is understood the deal will initially last for the 2012 and 2013 seasons but could be a long-term arrangement.
Mr Clark said: "Yet again not enough is done by the Government to protect British jobs, British industry and British workers.
"Time and time again we see contracts disappear to Europe. Whatever happened to British jobs for British workers?
"This is terrible news for Northamptonshire and we can only speculate what effect it will have on jobs.
"Sadly, while we are in the EU we cannot do anything about competition rules and we cannot do anything to stop manufacturers going elsewhere."
The news follows the announcement 1,500 jobs were being axed at train maker Bombardier in Derbyshire after its contract as lost to German competitors.
MEP Derek Clark fears for Cosworth jobs as another contract goes abroad
Company: Derek Clark MEP