JLR CEO Adrian Mardell made the announcement beside Prime Minister Keir Starmer this afternoon, April 7Jaguar Land Rover has eliminated all of its net debt, in a major announcement made to the region today, Monday April 7. Pictured: Prime Minister Sir Keir Starmer and Chancellor of the Exchequer Rachel Reeves during a visit to JLR (Image: Kirsty Wigglesworth/PA Wire)

Jaguar Land Rover has wiped out its debt pile, which once stood at £5 billion, in a major announcement made to the region today, Monday April 7.

Jaguar Land Rover chief executive officer Adrian Mardell made the announcement on the factory floor beside Prime Minister Sir Keir Starmer who told workers he would back them “to the hilt” as the country grapples with a “completely new world.”

The Prime Minister visited the Midlands to show government backing of the automotive industry, in a bid to calm unease in the region over Jaguar Land Rover pausing its US exports following chaos caused by Donal Trump’s tariffs.

READ MORE: Keir Starmer says ‘got your back’ on JLR visit but no mention of major issue facing workers

Speaking alongside Sir Keir Starmer and Rachel Reeves during their visit to the Midlands, chief executive Adrian Mardell said that the company had eliminated its net debt, which was £5 billion 31 months ago.

The head of Jaguar Land Rover said there was a “critical piece of work we need the Government to help us resolve” after the imposition of global tariffs by Donald Trump.

But he added: “We are meeting at one of the most challenging times that face our industry.

Prime Minister Keir Starmer speaks during a visit to Jaguar Land Rover in Solihull on April 7, 2025(Image: Kirsty Wigglesworth – WPA Pool / Getty Images)

“The multiple forces, economic, geopolitical and technology, converging together. So to continue to thrive and to enable ongoing JLR growth and ongoing UK PRC growth, we are working closely with this Government in face of significant financial international uncertainty.

“While we welcome today’s announcement on ZEV, we all recognise we face a significant threat – the application of tariffs from the USA. This is now the critical piece of work we need the Government to help us resolve.

“Of course, we have a clear intent to work through all significant challenges with them as a team in service of our people and this wonderful nation.”

The Prime Minister’s visit to Jaguar Land Rover’s flagship Solihull factory, which employs around 9,000 workers, emphasised the importance of taking steps in the “national interest” and keeping a “cool and pragmatic head” as chaos continues following President Trump’s tariffs.

You can read everything we heard at the Prime Minister’s visit to Solihull in our report, here.