UK Government To Guarantee $2 Billion Jaguar Land Rover Loan After Cyber Shutdown

The UK government will underwrite a $2 billion loan guarantee to Jaguar Land Rover in a bid to support its suppliers as a cyber-attack continues to halt production at the car maker. BBC: Business Secretary Peter Kyle said the loan, from a commercial bank, would protect jobs in the West Midlands, Merseyside and across the UK. The manufacturer has been forced to suspend production for weeks after being targeted by hackers at the end of August. There have been growing concerns some suppliers, mostly small businesses, could go bust due to the prolonged shutdown. About 30,000 people are directly employed at the company's UK plants with about 100,000 working for firms in the supply chain. Some of these firms supply parts exclusively to JLR, while others sell components to other carmakers as well. It is believed to be the first time that a company has received government help as a result of a cyber-attack.

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