The new premises have been opened following an investment of £36m and are intended to facilitate the company’s growth strategy for the next 20 years. The move follows seven years of significant growth (40% in two years) to a portfolio size of £11bn.

Mr Cable commented: "This significant investment in Milton Keynes has already created 350 jobs and is very welcome. Along with the company's ownership of Bentley, it demonstrates Volkswagen's continuing commitment to the UK and is a vote of confidence in the skills of our workforce.

"The availability of finance plays a substantial part in the strong market for new cars in this country and helps contribute to the success of our automotive industry."

Mr Cable was also attended by His Excellency Ambassador Dr Peter Ammon – the German Ambassador to the Court of St James, along with VWFS CEO Graham Wheeler and CFO Albert van den Burgh.

CEO Graham Wheeler said: “Our move to the new purpose-built site marks the commitment of VW Financial services (UK) Ltd (VWFS) to the UK automotive industry and Milton Keynes. The new building will allow VWFS to remain close to its sister company, Volkswagen Group, and provide enough space for the company to grow incrementally over the next 20 years. This would secure the future of VWFS as a major contributor to the economy.”

The building provides 100,000sq ft over flour floors and comes with the BREEAM (Building Research Establishment Environmental Assessment Methodology) A (‘excellent’) rating. It also features the latest energy efficient technology, encourages green ways of travelling to work, and promotes wellbeing including 82 solar panels on the rooftop, which produce 40,000 KW per year that are sold back by VWFS to the National Grid.