Britain promises $ 2 billion loan guarantee for Tata’s Jaguar Land Rover

Great -Britain will support Jaguar Land Rover with a loan guarantee of 1.5 billion pounds ($ 2 billion) to support the supply chain after the production of the luxury car manufacturer after a cyber attack. The closure of Jaguar Land Rover took almost a month and the government had investigated options to support the company and the supply chain, with a few small suppliers saying that they had a maximum of another week before they no longer had cash.

The car manufacturer, owned by the Indian Tata Motors, has three factories that together produce around 1,000 cars a day and many jobs in the area around Birmingham, the second largest city in Great Britain and the northern city of Liverpool. A survey on Friday showed that some companies reduce or dismissed the hours of staff.

Business minister Peter Kyle said that the cyber attack was “not only an attack on an iconic British brand, but on our leading car sector.”

“This loan guarantee will help support the Supply Chain and protect competent jobs,” he said.

The company minister said that the loan would be financed and guaranteed by the British export agency UK Export financing of the British export agency and was expected to unlock 1.5 billion pounds for the supply chain of the car manufacturer.