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London backs Jaguar Land Rover with £1.5 billion after cyberattack
The UK government announced on Sunday that it would guarantee £1.5 billion (€1.7 billion) for the automaker Jaguar Land Rover (JLR) to help the company recover from a recent cyberattack. The attack, reported on September 2, forced the suspension of production in JLR’s factories across the United Kingdom.
The government’s support comes in the form of a loan guarantee, allowing JLR to access funds and ensure stability in its supply chain. A government-backed credit agency will cover the company’s obligations on a commercial bank loan.
According to Trade Minister Peter Kyle, the measure aims to protect skilled jobs, as the cyberattack caused payment delays affecting JLR suppliers, some of whom faced potential bankruptcy. Cyberattacks increasingly target luxury brands and retailers, with UK companies such as Marks & Spencer, Harrods, and Co-op previously affected.