JAGUAR Land Rover is bracing itself for a £120million hit after extending its shutdown to September 24.
The UK’s largest car maker halted operations at its factories this month after a cyber attack.
Production lines remain paused with staff told not to return to work.
The manufacturer is thought to usually build about 1,000 cars a day at plants in Halewood, Solihull and Wolverhampton.
Professor David Bailey, of Birmingham Business School, said the shutdown was likely to significantly dent profits and comes at a challenging time for the company.
He added: “The value of cars usually made at the sites means that around £1.7billion worth of vehicles will not have been produced, and I would estimate an initial impact of £120million on profits.
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“Some of that might be recovered but the longer this goes on, the more of a concern this will be.
“If reports are right, that this could last until November, then that could mean around 50,000 cars not being produced.”
JLR chiefs were expected to ask Department for Business and Trade officials yesterday for financial support for supply chain companies.
Trade union Unite has also warned that thousands of workers’ livelihoods are at risk.
It called for a government furlough scheme while work to recover the firm’s operations continues.
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CRASH IN MOTOR COVER
CAR insurance prices have dropped by 16 per cent in a year, with average premiums now at £735 — the lowest in more than two years.
Young drivers, especially 17-year-olds, are achieving the biggest savings. They enjoyed rates which fell by 28 per cent, according to research by price comparison firm confused.com
However, not everyone is benefitting. A total of 42 per cent of renewals saw an £81 rise and premiums are still 25 per cent higher for motorists than they were three years ago.
HOME FAIL BID
SANTANDER wants to reform the UK’s “antiquated” home-buying system, which costs the economy £1.5billion annually due to property sales falling through.
More than 530,000 collapse each year in England and Wales, with buyers losing an average of £1,240 a time in fees.
The bank wants legally binding offers, better upfront property data and AI-driven processes to streamline transactions.
SKY AXES 600
SKY is cutting 600 UK jobs as it hopes to streamline its tech team.
Two-thirds of employees are expected to be let go at sites in Leeds, Livingston in West Lothian, and Osterley in West London.
The broadcaster said the move is not to cut costs but to improve existing services.
It comes ahead of its planned digital-first investments. Sky promises redeployment opportunities for some affected staff.
