Autocar - First for car news and reviews

Jaguar Land Rover has told the UK government it no longer needs its support, after obtaining private funding.

JLR owner Tata Motors said it had secured direct bank loans believed to be worth £175 million, as well as guarantees that would allow it access to a £340m European Investment Bank loan.

Government funding via a £170m bridging loan had been offered earlier this year but did not materialise, after JLR and the government wrangled over the terms of the agreement

In a let...Read the full article

If I were Ratan Tata I'd make a note to self:

 "UK government back foreign brands with money (e.g Nissan) but not UK brands. Move to France"...

Exactly, although I probably wouldnt be thinking France.

Mandelson has some barefaced cheek...

"Mandelson added that the government had offered bridging finance and would be "willing to help again if necessary".

The government effectively offered JLR sweet f.a., ensuring any terms associated with offering the securities they were asked for would effectively make the deals impossible for JLR to accept. I bet Rajan Tata loved going back to the government and telling them exactly where they could shove their support for the Automotive Industry. And now Tata have no securities to tie them to this country so if they do pull out, all that lost tax revenue and additional dole payments will be Mr Mandelsons responsibility alone. Its interesting that the private sector is willing to give the securities (as well as direct loans) to allow JLR to access the EIB loans that our own government would not give them. Remember that Mr. Blue-collar Worker next time you consider voting for "Labour" - this government doesn't give a s**t about your jobs.

Good for Tata. Much  better to be in control of your own business, instead of letting the UK government get a foot through the door.

I think the UK government are rather embaraced about JLR. Nothing they make fits in with the ideal of low carbon transport, and most of what they make (that is exported) creates huge amounts of CO2 because the rest of world who buy our stuff wouldnt have diesel given, so end up with a nice petrol V8 instead. I guess the UK government would be happiest if JLR upped and moved abroad.

Lets face it, we can make great cars in the UK, but they dont want us to drive them!

I agree with all the comments above

DeBruce:

Remember that ..... time you consider voting for "Labour" - this government doesn't give a s**t about your jobs.

Well said!

I've seen it already in Scotland with the previous Executive and ruling Labour party.   Now you can see for yourself with Gordon Brown that he had no idea what he's doing or how to help UK industry.

Symanski:

Now you can see for yourself with Gordon Brown that he had no idea what he's doing or how to help UK industry.

No, it's not Gordon Brown (he's barely made any decision or created a policy that has stuck and not been rescinded at a later date in the last year or more) it's all being decided by the The Dark Lord Mandelson, Prince of Darkness who seems determined to lead this country back into the Dark Ages with his policies towards industry. Have you heard Our Gord actually say anything about the JLR loan guarantees ?

Good on Land Rover. Let's hope it has the same positive effect on the business that Ford are experiencing since they dispensed with US government involvement in their affairs.

ordinary bloke:

Have you heard Our Gord actually say anything about the JLR loan guarantees ?

Very good point, no I haven't.

One of the biggest car companies in the UK and Gordon Brown, our PM, remains slient.   Now, what did I say earlier about him not having a clue????

Symanski:

Very good point, no I haven't.

One of the biggest car companies in the UK and Gordon Brown, our PM, remains slient.   Now, what did I say earlier about him not having a clue????

But Gordon Brown is being driven around in a lovely armoured XJ, and he will probably order the new XJ.....If he's still in power next year.

P.S. I agree with most of the above comments.

Good on 'em.

Anything that keeps Mandy from meddling in JLR has to be a good thing. 

We have skilled labor, a strong infrastructure/supplier network, empty factories, states that are prepared to invest in jobs and a market for luxury vehicles that's about ready to rebound. And if you're reading this Mr. Tata, you will feel right at home in this entrepreneurial environment where we value people like you.