Minister for Industry (): On 28 September the
Secretary of State for Business and Trade announced that the
government is supporting Jaguar Land Rover (JLR) through a
guarantee provided by UK Export Finance (UKEF) for a commercial
loan.
JLR is a major exporter and employer, supporting around 34,000 UK
jobs directly, and a further 120,000 in its supply chain, but
over the summer was the victim of a prolonged cyber-attack
causing it to suspend much of its business operation.
Ministers recognised that the risk to JLR's supply chain was far
reaching, and that it is in the national interest for UKEF to
issue this guarantee. The loan, which will be repaid over five
years, will help ensure that JLR has liquidity to maintain
operations, as well as to direct to suppliers as appropriate.
UKEF will receive a premium, ensuring the government is
appropriately compensated for the risk taken, and to cover its
administrative costs.
Providing a guarantee for a commercial loan to JLR is an
expedient route to relieve the pressure being experienced by the
supply chain, JLR already has an established relationship with
its various suppliers with whom they will work in a constructive
and informed manner as production restarts. The Government moved
to protect thousands of jobs and potentially billions of pounds
in export earnings.
Cyber security of the UK is a key priority for this government
and DSIT and NCSC have been taking significant action to help
protect businesses against cyber attacks. This includes providing
businesses with the tools, advice and support to protect
themselves from cyber threats, including free training for boards
and staff. We have also put in place:
- The Cyber Governance Code of Practice, which shows boards and
directors how to effectively manage the digital risks to their
organisation
- The highly effective Cyber Essentials scheme to prevent
common attacks – reducing the likelihood of a cyber insurance
claim by 92%. The certification scheme includes automatic cyber
liability insurance for any UK organisation who certifies their
whole organisation and has less than £20m annual turnover.
As the decision was made over recess, I am notifying Parliament
at the earliest opportunity. Notification has been sent
separately to the Chairs of the Public Accounts Committee and the
Business and Trade Select Committee.
