Jaguar Land Rover Suppliers on Brink of Financial Collapse After Cyber Attack

Jaguar Land Rover Suppliers with 'Days of Cash' Left, MP Says LONDON - A Labour MP has expressed concern about the financial stability of Jaguar Land Rover (JLR) suppliers after a cyber attack on the car maker left them with limited cash reserves. According to Sarah Edwards, Labour MP for Tamworth and member of the Business and Trade Committee, some JLR suppliers have only seven to 10 days' worth of money left. This was revealed at a meeting between the committee and 10 companies within the supply chain on Thursday. "They're very worried, they are concerned," Ms Edwards said. "It's imperative suppliers are paid very very quickly." The cyber attack on JLR last month has resulted in a shutdown lasting weeks, impacting around 100,000 people in the supply chain. The car maker employs about 30,000 people directly and an additional 100,000 in the supply chain. Ms Edwards said the 10 companies in attendance at Thursday's meeting covered a "cross section" of first-line direct suppliers, covering the "whole eco-system" of the supply chain. The JLR shutdown has raised concerns about the financial stability of its suppliers. The company's failure to pay them since the end of August has left many struggling to stay afloat. In response to the crisis, the government has been working closely with JLR and its suppliers to find a solution. However, some critics have argued that the government should do more to support the affected businesses. "The government needs to take immediate action to support these businesses," said a spokesperson for the Federation of Small Businesses. "They need access to emergency funding and other forms of support to help them weather this crisis." JLR has stated that it is working to resolve the issue as quickly as possible, but no timeline has been given for when payments will be made. The current status of JLR's suppliers remains uncertain, with many struggling to make ends meet. The government's next steps in addressing the situation are expected to be announced soon. In related news, a spokesperson for JLR said: "We understand that our suppliers are facing financial difficulties and we are working closely with them to resolve this issue as quickly as possible." The company has not commented on when payments will be made or what measures it is taking to support its suppliers. *Reporting by Bbc.*