Aug 14, 2020
UK bailout talks for Jaguar Land Rover and Tata Steel ended
Rescue talks between Jaguar Land Rover, Tata Steel and the UK government that may have led to British taxpayers owning stakes in the two businesses have ended, leaving both companies reliant on private financing to weather the economic downturn. Emergency funding talks with JLR, the UK's biggest carmaker, and Tata Steel - both owned by Indian conglomerate Tata Group - were recently broken off, according to people briefed on the discussions, after the Treasury concluded that Tata Group had deep enough pockets and did not qualify for taxpayer support. Both businesses remain in talks with government over other areas of potential support such as tax breaks, which in the case of Tata Steel could extend to state loans. The rescue project was devised as a final lifeline for cash-strapped companies unable to access the UK government's main coronavirus funding schemes. Tata Steel employs 8,000 people in the UK and runs the country's largest steelworks in Port Talbot, south Wales.
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