UK Government Backs Jaguar Land Rover with £1.5 Billion Loan Guarantee
The UK government announced a £1.5 billion loan guarantee for Jaguar Land Rover to support its supply chain post-cyber-attack. The financing aims to bolster cash reserves and protect jobs in the automotive sector. This follows production shutdowns and aims to restore operations securely.
- Country:
- United Kingdom
In a major move to stabilize its automotive sector, the UK government has announced a £1.5 billion loan guarantee for Jaguar Land Rover (JLR) as the company grapples with the fallout of a devastating cyber-attack.
The loan, secured through a commercial bank and backed by the Department for Business and Trade's Export Development Guarantee, aims to provide JLR with much-needed financial relief after hacking incidents led to production shutdowns. This funding is intended to secure the company's supply chain, particularly benefiting small and medium enterprises (SMEs) struggling to recover.
With operations and skilled jobs at risk, the UK government has described this as a vote of confidence in its automotive industry, emphasizing the importance of further trade deals. JLR, facing global and national cybersecurity challenges, is working tirelessly alongside experts to resume full operations safely.
(With inputs from agencies.)
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