Britain pledges $2 billion loan guarantee for Jaguar Land Rover

Britain volition backmost Jaguar Land Rover with a 1.5 cardinal lb ($2 billion) indebtedness warrant to assistance enactment its proviso concatenation successful the aftermath of the luxury carmaker's accumulation shutdown pursuing a cyberattack.

Jaguar Land Rover's shutdown has lasted astir a month, and the authorities had been exploring options to enactment the institution and its proviso chain, with immoderate tiny suppliers saying they had 1 week near astatine astir earlier they ran retired of cash.

The carmaker, which is owned by India's Tata Motors, has 3 factories that unneurotic nutrient astir 1,000 cars per day, and prolong galore jobs successful the country astir Birmingham, Britain's 2nd biggest city, and the bluish metropolis of Liverpool. A survey connected Friday showed that immoderate firms were reducing unit hours oregon making redundancies.

Business curate Peter Kyle said the cyberattack was "not lone an battle connected an iconic British brand, but connected our world-leading automotive sector."

"This indebtedness warrant volition assistance enactment the proviso concatenation and support skilled jobs," helium said.

The concern ministry said the indebtedness would beryllium privately financed and guaranteed by Britain's export recognition bureau UK Export Finance, and was expected to unlock 1.5 cardinal pounds of enactment for the carmaker's proviso chain.