Jaguar Land Rover has been handed a £1.5 billion taxpayer-backed rescue to tide the business and its suppliers over until Christmas after a cyberattack halted production.
The actual mechanism:
Under Kyle’s scheme, his first big intervention since being appointed business secretary earlier this month, an export development guarantee will be provided by the government credit agency, UK Export Finance.
Very export finance, isn’t it. But then fools thrashing around will hold on to anything. Government always does have mission creep.
Was that ‘tax £5 billion LESS…’ what you intended?
In that case, they could tax £10 billion less, and cut out the governmental overhead as well.
Oh, the giant Indian conglomerate that owns JLR couldn’t have covered that then? Doubly so if it was some kind of negligence on the part of their Technology Consulting subsidiary that opened the opened the door to the attack in the first place*…
*no idea of that’s actually the case, but I wouldn’t be surprised with TCS
I’m sure the giant Inian conglomerate is suitably grateful. I wonder how much commission they’re paying and to whom?
It’s amazing what a new pair of glasses will buy.
Is that the same as the loan of a flat or am I barking up the wrong Alli?
Who needs insurance when you have the mug taxpayer?
Much as I loved my sadly departed 1986 Sovereign, my very first car, I’m not sure I’d have one of the modern electric monstrosities even as a gift!
Julia – indeed. But back in March I bought an XF built in July 2024 – and thus one of the last built; it was a dealer demonstrator, and almost a top of the line model (the TOFL one has 300 hp) for an attractively low price and in excellent shape. Really a very nice car – and it may even become a collectible one day; even faster if JLR goes belly-up..
I bet any company that uses TCS is wondering how soon they can get out of their contract. For an IT services company to have one large corporate client suffer a massively expensive and damaging IT hack could be considered an unlucky accident, to have two……..
Politicians just love car making, even though it’s a declining industry in Western Europe. Cheaper to make cars in Slovakia, Turkey or Korea. No-one of any size has built a new car factory here since the early 90s. All that talk of good jobs, effects on suppliers etc. Other than maybe Geordies and niches, there is no long-term future.
If this happened to OnlyFans, a British company that has about 25% of the revenues of JLR, do we think government would step in? Would a minister be talking about the effect on skanks, the supply chain of bikini waxers, hairdressers and nail bars that make them look their best?
Would they have gotten a bailout if they weren’t so gay?
Put-up job by JLR who have a massive backlog of unsold cards.
Yeah, but they needed that inventory to get through the couple of years they weren’t building Jaguars. And, quite likely, a few years while they’re building the vile electric machines before they go back to building real Jaguars…..
If JLR is going to refocus on building electric pink tranny wagons, surely all their UK suppliers are done for anyway?
I hope JLR read the fine print.
I’m sure the fine print will only screw the British taxpayer.