MG is wholly British owned - MG Rover to be precise. That car was desgined by a team of 6 to a very small budget. It was a 'secret' British project kicked off while Rover was under BMW ownership - and when they got rid of Rover, it was announced as an MG venture.
Some say BMW management had no knowledge of how far the project had advanced.
Completely fibre glass body and no frills - very quick.
http://www.mgxpowersv.com/Powered by a 4.6 litre V8 (well tested Rover racing engine?). Apparently it handles like a dream too. Very TVR-like IMO, but more expensive. Probably not as reliable (!), but who cares.