The UK government has signed off a loan guarantee worth up to ￡1.5bn to enable Jaguar Land Rover to borrow more money following one of the most damaging cyber attacks against British industry.
Peter Kyle, the business secretary, announced that the export development guarantee would come from UK Export Finance, a government agency, which would make it easier and faster for JLR to receive a loan from commercial banks.
Export development guarantees provide partial guarantees to commercial lenders, typically covering up to 80 per cent of the risk on loans to companies that export from the UK.
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