Jaguar Land Rover secures funding
Jaguar Land Rover has today (11 August) announced that it has secured private short-term funding and no longer needs financial support from the UK government.
The car maker had been in negotiations for several months with the UK government, but had failed to reach a satisfactory deal.
Business Secretary Peter Mandelson said: "The fact that the banks and commercial capital markets are meeting JLR's funding is a clear sign of confidence in the company, its products and the automotive sector."
He added: "The government had offered bridging finance from the Automotive Assistance Programme if necessary. We understand the Tata group will now be successful in resolving longer term financial needs but we are willing to help again if necessary.
"This is a good and encouraging outcome for JLR, its workforce and its supply chain."
