Our Bureau
London
This Sunday, on September 28th, after heavy discussions the government of the United Kingdom has announced a support package for Jaguar Land Rover, who are coping with the aftermath of cyber attacks. They have provided JLR a loan guarantee expected to unlock up to 1.5 billion Euros (Rs 15,567 crore) in finance that will help in stabilising the company’s supply chain which was forced to pause after the cyber attacks.
Peter Kyle, the Business and Trade Secretary of the UK, has ensured that JLR will be able to access a five year loan from any commercial bank. This support to JLR has been provided on the back of the Export Development Guarantee (EDG) scheme from the Export Finance of UK. This will provide a cushion to JLR and help the small suppliers bear the disruption in the supply chain.
Kyle said, “This loan guarantee will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK.”
Kyle noted that the cyber-attack was not just an assault on “an iconic British brand” but was also an attack on the country’s wider automotive sector. He added that this support package is part of the UK Government’s Plan for Change and its modern Industrial Strategy.
Rachel Reeves, the Chancellor of the Exchequer, had high praise for JLR and described it as a jewel in the crown of the nation’s economy. She highlighted JLR’s role as one of the UK’s largest exporters and a direct employer of 34,000 people.
“Today we are protecting thousands of those jobs with up to 1.5 billion Euro in additional private finance, helping them support their supply chain and protect a vital part of the British car industry,” Reeves said.
