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Is the government set to bail out Jaguar?

Rumours are sweeping through Whitehall this evening that the UK government is on the verge of approving a £500 million loan for Jaguar. Initially it was believed that the UK government would guarantee a loan for the business but now it looks as though taxpayers are on the verge of stumping up another £500 million for what is effectively an Indian owned business. This could be the first of many such rescue packages for the industry as each and every one of the major players appears to be suffering.

It looks as though the main reason why the government is even contemplating a direct loan to Jaguar is the fact that 15,000 jobs in the UK depend on the company. The authorities will have done their homework and worked out the cost to the economy of 15,000 extra unemployed against the £500 million which should see the company through this major downturn. Quite how Gordon Brown will break this to the UK taxpayer remains to be seen as the taxpayer seems to be the last on the list of beneficiaries from taxpayer rescue packages.

Many in business believe that Gordon Brown is risking his popularity each and every time he announces a new individual rescue package.

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