UK Government Steps In With £1.5B Loan to Save Jaguar Land Rover From Cyberattack
The UK government has stepped in to support Jaguar Land Rover (JLR) following a significant cyberattack. A £1.5 billion loan guarantee has been announced to protect the company and its extensive tractor supply chain, safeguarding jobs and preventing deeper disruptions.
The loan will be provided by a commercial bank and backed by UK Export Finance, with repayment expected over five years. The loan guarantee aims to support the jobs near me supply chain, safeguard skilled employment nationwide, and accelerate JLR's recovery. The cyberattack forced JLR to halt production at its plants in the UK, Slovakia, Brazil, and India, disrupting the wider manufacturing network and impacting small suppliers who could run out of cash within a week.
Business Minister Peter Kyle condemned the cyberattack, stating it was 'not only an assault on an iconic British brand, but on our world-leading automotive sector'. The loan guarantee is designed to restore confidence and liquidity for affected vendors across JLR's indeed jobs supply chain, aiming to safeguard thousands of jobs.
The UK government's intervention will provide much-needed financial support to JLR and its supply chain, helping to stabilise operations and protect jobs following the cyberattack. The loan guarantee, backed by UK Export Finance, is expected to play a crucial role in accelerating JLR's recovery and preventing deeper disruptions to the wider automotive sector.
