NAA Update: Government providing JLR with £1.5bn UK Export Finance loan guarantee following cyber incident
The NAA is working with the SMMT to help assess the impact and is currently engaged in discussions with a range of organisations to explore opportunities to support members with their approach to cyber security.
Following the cyber incident affecting the UK’s largest automotive employer, JLR, the focus is now on restarting full production in a safe and secure manner – while safeguarding the wider supply chain which has been severely impacted. We know JLR is working around the clock to return to full operations as quickly as possible and it was positive news last week that some IT systems have been brought back online, with production expected to resume shortly. Until full production is restored, however, SMEs and smaller firms lower down the chain will struggle, particularly with cashflow, and must be supported, or else there is a risk of lasting damage to this highly valuable sector of the economy.
That’s why it is right that the government intervened last week to provide short-term assurance in the form of a £1.5bn UK Export Finance loan guarantee for JLR. This will help with JLR’s liquidity – and that of its tier one suppliers – but the speed of deployment is crucial and consideration must be given by Government to additional measures that will directly support the lower tier suppliers.
The NAA is working with the SMMT, who is actively engaged with JLR and Government, as well as members, via the Automotive Components Section, to help assess the impact and identify the additional appropriate measures that would ensure suppliers can bridge cashflow gaps and are resilient in the longer term.
The NAA is also currently engaged in discussions with a range of organisations, exploring opportunities to support members with their approach to cyber security in a way which is affordable and deliverable to all businesses. We will provide further details in the very near future.
Moving on to the membership side, we would like to welcome two new members:
Jamak Fabrication Ltd Europe – Specialising in silicone rubber solutions and other elastomeric products across numerous industries, including automotive.
LTE Group – Created in 2016, LTE Group is the first integrated education and skills group of its kind, and one of the largest social enterprises in the country dedicated to learning, training, and employment.
We’re looking forward to working with each of these new members and welcoming them to our ongoing networking event programme during the course of this year.
Paul Jones
NAA CEO
