The British government has stepped in to support Jaguar Land Rover (JLR) with a £1.5 billion loan guarantee after a crippling cyberattack forced the luxury carmaker to halt production for nearly a month, threatening thousands of jobs and the stability of its supply chain.
Reuters reported that the move, announced by Business Minister Peter Kyle, comes as smaller suppliers warn they are on the brink of collapse, with some reporting they had less than a week’s cash left. JLR’s three UK factories, which together produce about 1,000 vehicles daily, have been offline since the attack, dealing a heavy blow to the country’s automotive sector.
“The cyberattack was not only an assault on an iconic British brand, but on our world-leading automotive sector. This loan guarantee will help support the supply chain and protect skilled jobs,” Kyle said.
The loan will be privately financed and guaranteed by UK Export Finance, Britain’s export credit agency, unlocking £1.5 billion in funding aimed at keeping suppliers afloat and maintaining employment across the Midlands and the North West.
