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Government rescues Jaguar Land Rover with £1.5bn loan
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Government rescues Jaguar Land Rover with £1.5bn loanThe government has pledged a £1.5bn loan to the manufacturerThe UK government will underwrite a £1.5bn loan guarantee to Jaguar Land Rover (JLR) in a bid to support its suppliers as cyber-attacks continue to halt production.
Business Secretary, Peter Kyle said the loan, from a commercial bank, would project jobs across the UK, in particular in the West Midlands and Merseyside.
Approximately 30,000 people are directly employed at the company’s UK plants, while roughly 100,000 people work for firms in the supply chain.
The government will underwrite the loan through the Export Development Guarantee (EDG), a financial support mechanism aimed at assisting UK companies who sell overseas.
Read more Labour planning rescue for Jaguar Land Rover after cyber attackAround a quarter of firms supplying parts to JLR have already paused work or laid off staff, according to the industry bod the Society of Motor Manufacturers and Traders.