Bank of England says JLR's cyberattack damaged UK GDP growth

"We've not had anything like this before, where the company has not made any cars for a month"

"It's one of the worst crises the company has ever faced," said David Bailey, professor of business economics at the University of Birmingham."

"This is thought to be the first case in which a cyberattack has caused material economic and fiscal harm to the UK."

The Bank of England held interest rates at 4 percent and projected UK headline GDP growth of 0.2 percent in calendar Q3, down from a prior 0.3 percent projection. Weaker exports to the US and a Jaguar Land Rover cyberattack contributed to the slower growth. The Cyber Monitoring Centre classified the attack as a Category 3 systemic event with potential local costs up to £2.1 billion, while economists estimated JLR revenue losses above £2 billion. Major JLR plants shut for several weeks, disrupting an extensive supply chain and prompting government financial support. The Office for Budget Responsibility had previously recorded no cyberattack causing whole-economy harm.

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