'Many firms are telling us they are running out of cash,' Chambers of Commerce say as they urge Government to ramp up support for firms impacted by JLR crisis
The West Midlands’ three Chambers of Commerce are urging the Government to help protect thousands of jobs by stepping up its support for firms affected by the JLR cyber-attack.
In a letter to the Department for Business and Trade, the Greater Birmingham, Black Country and Coventry & Warwickshire Chambers – who collectively represent 5,000 businesses – say further measures may be necessary to help firms further down the supply chain.
Although the Government last week announced a £1.5 billion loan to support impacted businesses, it has not been made clear how firms will access the fund.
In the meantime, JLR - which has large manufacturing bases alongside the M54 near Wolverhampton and Telford, as well as in Solihull - is reportedly finalising a deal to lend up to £500 million to its suppliers.
The letter from the Chambers – sent on Friday to Parliamentary Under-Secretary of State Chris McDonald - asks the DBT to clarify how the Government will work with Coventry-headquartered JLR to identify those who are in greatest need of support and how it plans to ensure the money reaches the most vulnerable businesses quickly and effectively.
