UK Government Bails Out JLR With £1.5B Loan After Cyberattack

UK Government Bails Out JLR With £1.5B Loan After Cyberattack

The UK government bails out Jaguar Land Rover with £1.5B loan after hack disrupts vehicle production for weeks , marking one of the biggest state-backed rescues of a British automaker in recent history. The bailout comes after JLR was forced to shut down its factories when hackers breached its systems, halting vehicle production and threatening its entire supply chain. Image Credits:Ben Stansall/AFP / Getty Images Why The UK Stepped In The government confirmed it will guarantee a commercial bank loan worth £1.5 billion ($2 billion) to stabilize Jaguar Land Rover. Officials said the loan will “bolster JLR’s cash reserves” and protect its suppliers, many of which are small businesses that rely heavily on the automaker. The loan will be repaid over five years, but its immediate purpose is to safeguard roughly 120,000 jobs tied to JLR’s operations and supply chain. First-Ever Bailout After A Cyberattack According to BBC News, this is believed to be the first time the UK government has financiall…