Cyberattack Stalls UK Auto Industry, Threatens Economic Growth

UK economic growth slowed significantly in Q3 due to a cyberattack on Jaguar Land Rover, the automobile industry giant. The attack halted production and impacted the entire supply chain, contributing to lower-than-expected growth. This economic slowdown poses a challenge to the government ahead of a crucial budget announcement.

In what is being viewed as a significant impediment to the UK economy, the country's biggest automaker, Jaguar Land Rover, suffered a cyberattack that brought production to a standstill, official figures indicated on Thursday.

The Office for National Statistics revealed that the economy grew only by 0.1% from July to September, a sharp decrease from the previous quarter's 0.3%, and below the expected 0.2%. The cyberattack, which halted operations and sent workers home on August 31, played a major role in the sluggish growth performance.

As the budget announcement approaches on November 26, the government faces mounting pressure. Treasury chief Rachel Reeves hinted at potential tax hikes to address fiscal deficiencies, a move likely to challenge the Labour government's previous pledges and its standing in public opinion.

(With inputs from agencies.)