Business

Tories call for emergency loan scheme after Jaguar Land Rover cyber attack

By Fionnuala Bourke

Copyright expressandstar

Tories call for emergency loan scheme after Jaguar Land Rover cyber attack

The British carmaker was forced to suspend production at its UK factories for several weeks after being targeted by hackers.

JLR said parts of its IT systems are back online amid a “phased restart” of its operations and can now begin clearing a backlog of payments to suppliers.

But the production shutdown is expected to last until October 1 at the earliest.

The Tories have also called for the Government to look into new cyber insurance measures.

Shadow business secretary Andrew Griffith said: “JLR’s supply chain is significant in the West Midlands and nationally.

“But so far, in the face of a crippling cyber attack, Labour have failed to intervene.

“It is vital that Britain doesn’t lose any of its automotive excellence, which is why the Conservatives will support the Government if it brings forward a targeted emergency loan guarantee scheme for British companies at severe risk of going bust, protecting the taxpayer and firms alike, as well as exploring Government-backed insurance schemes.

“The Conservatives will always work in the national interest to protect our businesses, and our economy.”

A cyber attack hit JLR, the UK’s largest carmaker, on August 31.

Unions and politicians have warned that small suppliers producing parts for the car giant could collapse without urgent financial support.

Ministers met firms in JLR’s supply chain earlier this week to discuss pressures on their operations since the attack.

JLR said its global parts logistics centre, which supplies spare parts that are used to service its customers’ vehicles, was returning to full operations.