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Government to guarantee £1.5bn loan to Jaguar Land Rover after cyber shutdown
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The i Paper
The carmaker was forced to suspend production at UK factories after being targeted by hackerscancel email WhatsApp link share Share bookmark Saveshare cancel email WhatsApp link bookmarkThe Government will underwrite a £1.5 billion loan guarantee to Jaguar Land Rover (JLR) as it continues to face a shutdown following a mass cyber attack.
The loan, from a commercial bank, is expected to give those suppliers some certainty amid the continued shutdown.
It will be paid back over five years, and will help to bolster JLR’s cash reserves as it pays back companies in its supply chain, who have been majorly impacted by the shutdown.
Jaguar Land Rover announced it would extend its pause in production until 1 October (Photo: Dave Thompson/PA Wire)“Following our decisive action, this loan guarantee will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK.
The brand has the largest supply chain in the UK automotive sector, which employs around 120,000 people and is largely made up of small and medium-sized businesses.
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