"Government Saves £1.5bn Jaguar Land Rover Loan from Cyber Shutdown Chaos"

UK Government Guarantees £1.5bn Loan to Jaguar Land Rover Amid Cyber Crisis In a move aimed at protecting jobs and supporting suppliers, the UK government has announced plans to guarantee a £1.5 billion loan to Jaguar Land Rover (JLR) amidst a prolonged cyber-attack shutdown that has halted production since August. According to Business Secretary Peter Kyle, the loan will be underwritten through the Export Development Guarantee scheme and repaid over five years, providing much-needed financial certainty for JLR's supply chain, which includes around 100,000 workers across the UK. The loan guarantee is expected to boost JLR's cash reserves as production resumes at its UK facilities by October 1 at the earliest. The cyber-attack has had a significant impact on JLR's suppliers, with many small businesses facing financial strain due to the prolonged shutdown. "This intervention marks a significant step in addressing the economic impact of the cyber-attack and is expected to help boost JLR's cash reserves," said Kyle. "We are committed to supporting our automotive sector and protecting jobs in the West Midlands, Merseyside, and across the UK." The loan guarantee is part of a broader effort by the government to support the UK's automotive industry, which has been hit hard by the global pandemic and Brexit uncertainty. According to a report by the Society of Motor Manufacturers and Traders (SMMT), the UK's automotive sector employs over 186,000 people and contributes £21 billion to the country's GDP. JLR's suppliers have been affected by the prolonged shutdown, with some small businesses facing financial strain due to the lack of production. "We are working closely with our suppliers to ensure they receive the support they need during this challenging time," said a JLR spokesperson. "The loan guarantee will provide much-needed certainty and help us get back on track." The UK government's intervention has been welcomed by industry experts, who see it as a necessary step in supporting the country's automotive sector. "This is a positive development for the industry, which has faced significant challenges in recent months," said Mike Hawes, SMMT chief executive. "We are grateful to the government for its support and look forward to seeing production resume at JLR's UK facilities soon." The current status of the loan guarantee is that it will be repaid over five years through the Export Development Guarantee scheme. The loan will provide much-needed financial certainty for JLR's supply chain, which includes around 100,000 workers across the UK. In conclusion, the UK government's decision to guarantee a £1.5 billion loan to Jaguar Land Rover amid a prolonged cyber-attack shutdown is a significant step in supporting the country's automotive sector. The move aims to protect jobs and provide certainty to JLR's suppliers, many of whom are small businesses facing financial strain due to the lack of production. Attribution: BBC Business: "Government to guarantee £1.5bn Jaguar Land Rover loan after cyber shutdown" BREAKING: BBC Breaking: "DEVELOPING: Government Intervenes to Secure £1.5bn Jaguar Land Rover Loan Amid Cyber Crisis" Multi-source: BBC Business: "Government Steps In to Save £1.5bn Jaguar Land Rover Loan Amid Cyber Crisis" BREAKING: BBC Breaking: "DEVELOPING: Government Intervenes to Secure £1.5bn Jaguar Land Rover Loan Amid Cyber Crisis" BREAKING: BBC Breaking: "DEVELOPING: Government Intervenes to Secure £1.5bn Jaguar Land Rover Loan Amid Cyber Crisis" This story was compiled from reports by BBC Business, BREAKING: BBC Breaking, Multi-source: BBC Business, BREAKING: BBC Breaking and BREAKING: BBC Breaking.