Bailout for Jaguar Land Rover after cyberattack

Ministers have stepped in to provide an emergency bailout to Jaguar Land Rover after a massive cyberattack left the motor manufacturer reeling.

- DAVID MADDOX

Chancellor Rachel Reeves has announced that she will provide the firm a £1.5bn loan guarantee to give it time to recover and protect the companies in its supply chain which have also been hit hard.

The move comes as Labour opens its conference in Liverpool today, with Sir Keir Starmer and his government under pressure to show they can govern effectively.

Ms Reeves said: “Jaguar Land Rover is an iconic British company which employs tens of thousands of people - a jewel in the crown of our economy.

“Today we are protecting thousands of those jobs with up to £1.5bn in additional private finance, helping them support their supply chain and protect a vital part of the British car industry.”

The announcement follows business secretary Peter Kyle’s visit to JLR and supply chain firm Webasto this week.

The decisive action builds on the government’s commitment to the UK auto sector through the modern industrial strategy to boost growth and good jobs.