Jaguar Land Rover cyber attack update: Reeves issues £1.5bn loan guarantee to rescue British car maker
The ministers took a step to provide an emergency rescue to Jaguar Land Rover after the engine manufacturer wrapped with a large cyber attack.
Chancellor Rachel Reeves announced that it will provide a loan guarantee of £ 1.5 billion to get rid of the attack on the motor giant and protect companies in the supply chain hard.
The movement comes under pressure to show that they can effectively manage the Labor Party’s conference in Liverpool with Keir Starmer and his government.
“Jaguar Land Rover is an iconic British company that employs tens of thousands of people – a jewel in the crown of our economy.
“Today, we protect thousands of jobs in addition to 1.5 billion pounds in additional finance, help them support supply chains and protect a vital portion of the British automobile industry.”
The announcement is followed by business secretary Peter Kyle’s visit to the webasto, a JLR and supply chain company this week.
The decisive action is based on the government’s commitment to the UK automobile sector through the modern industrial strategy to increase growth and good work.
JLR was shot by pirates of computer last month and forced to stop production and threatened the future of the supply chain.
Later, it turned out that the company was not insured for cyber attacks and fought to return to his feet.
The loan from a commercial bank supported by the Export Credit Credit Agency UK export finance (EDG) will be repaid for five years and supports JLR’s cash reserves, thus supporting the supply chain that is largely affected by closing.
Mr. Kyle said: “This cyber attack was not only an iconic British brand, but also an attack on our world leader automotive sector and the livelihood sources.
“Following our decisive action, this credit guarantee will help to support the supply chain and protect the qualified jobs in Western Midlands, Mersexia and England.”
The government also gave the Ford Motor Company a credit guarantee to help to cope with the effect of Donald Trump’s tariffs.
Mr. Kyle said: uz We support our automotive sector in the long run through our modern industrial strategy and the turning point we have signed to increase exports. ”
Plants in Solihull and Wolverhampton in West Midlands, as well as JLR in Merseyside, and JLR are one of the largest exporters of England and employ 34,000 people directly in the UK operations.
It also operates the largest supply chain in the UK automotive sector, consists of most small and medium -sized enterprises and employs about 120,000 people.
West Midlands Mayor Richard Parker said: “This support is vital for West Midlands – it will run people, protect people based on JLR, and will give our region the stability it needs while the production is paused.
“I will continue to work hard with ministers and industry to protect the works and to ensure that our first -class automotive sector is so strong.”
In recent months, support has followed a few important actions of trade agreements with India and the United States to protect turbo charging opportunities for the UK companies by cutting tariffs and turning point with India and the United States to support the automotive sector of the UK.
The government also launched an electric car grant to support the transition to zero -emission vehicles and promote sustainable production, and as part of the modern industrial strategy, it cut off industrial electricity costs for thousands of companies through the British industrial competition program.
The strategy also added £ 2 billion for the automobile sector to expand the capital and research and development (R -C) financing and the sector to expand its RAR -E support to 2035.
