It is difficult to quantify what yesterday’s announcement from BMW actually means.

The company has pledged £500m into Mini in the UK.

There are three places which will benefit: Oxford, Swindon and Birmingham. But Mini was clear, it is Oxford which will see the biggest slice. The money will be splashed on the Cowley plant and pave the way for a new body shop.

It means Oxford is set to be the base for the new generation of Mini cars.

There can be no better show of faith in the city workforce.

The news was welcomed by staff at the plant and even the Prime Minister. David Cameron is right when he says Mini Plant is one of the country’s overwhelming manufacturing success stories.

Thousands of jobs have been safeguarded at the plant. However, the knock-on benefits to the rest of Oxford are clear. Businesses from pubs to shops will benefit.

There is a genuine feel-good factor that can’t be ignored either.

When people talk about Oxford they talk about universities. But, many also talk about car making. It is what makes this city a diverse and great place to live.

The cash injection by BMW means that will continue long into the future. Politicians were thanking BMW yesterday, but the biggest thank you of all should clearly go to the workers who make the plant what it is.