Taxpayers underwrite £600m loan to Nissan
UK Export Finance guarantees bank loan to support Sunderland plant as it plunges to £544m annual loss
21 April 2021 • 11:58am
Nissan’s giant Sunderland plant has been given almost £500m of taxpayer backing after the company’s British manufacturing arm reported a huge annual loss as output plunged because of lockdowns.
Accounts filed with Companies House show Nissan Motor Manufacturing UK agreed a £600m, five-year loan with a syndicate of banks understood to be led by HSBC in December, which is 80pc underwritten by UK Export Finance (UKEF).
UKEF is Britain’s state-backed export credit agency. It provides finance and insurance to help exporters win and fulfil foreign sales, and picks up the tab if the customer fails to pay.