Jaguar Land Rover cyber attack: Reeves issues £1.5bn loan guarantee to rescue British car maker
Jaguar Land Rover rescued by emergency bailout
- The UK government has announced a £1.5 billion loan guarantee to Jaguar Land Rover (JLR) following a significant cyber attack.
- Chancellor Rachel Reeves stated the bailout aims to protect thousands of jobs at the iconic British company and its extensive supply chain.
- JLR was hit by hackers last month, leading to a halt in production and threatening its supply chain, with the company reportedly uninsured for cyber attacks.
- The loan, provided by a commercial bank and backed by UK Export Finance, will bolster JLR's cash reserves and is repayable over five years.
- This decisive action is part of the government's modern industrial strategy to boost growth and jobs in the UK automotive industry, supporting regions like the West Midlands and Merseyside.