No bailout for Jaguar Land Rover amid plans for job cuts
Asked if there could be financial support to protect jobs, UK's business secretary said 'Not if it's to bail people out'.
Britain's largest car maker, Jaguar Land Rover, is set to announce a significant job reduction program, with up to 4,000 positions to be cut over the course of two years. Business Secretary Jonathan Reynolds confirmed there would be no bailout for the company, emphasizing that financial support should focus on long-term investment rather than mitigating job losses.
JLR is opening a voluntary redundancy scheme for salaried and management team members, while the firm aims to achieve £1.7 billion in savings and reduce break-even points to 300,000 vehicles. The company recently reported a 9.6% decline in revenues to £6 billion for the quarter ending June 30, driven by a 9.2% drop in car volumes.
JLR is shifting its focus towards electric models, having briefly paused production of diesel and petrol vehicles following a factory fire. Unite General Secretary Sharon Graham criticized the company, stating that successive governments have allowed the industry to suffer from "death by a thousand cuts" due to under-investment, unsustainable mandates, and high energy costs.
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