The announcement that Tata Motors is close to obtaining the funding required for Jaguar Land Rover should provide some security for staff who have endured months of uncertainty.

There have been hundreds of job losses at the manufacturer since the downturn began. But there had been fears that JLR could be forced to cut back on crucial research and development work which would threaten its long-term survival.

While the funding has not yet been fully secured, Tata is confident enough that it no longer needs government guarantees to complete a £340 million loan from the European Investment Bank or to secure working capital.

What nobody can promise at this stage is that there will be no more cutbacks at Jaguar Land Rover. The workforce at plants in Castle Bromwich, Solihull and Merseyside has proved that it is hard-working, loyal and willing to accept a share of the sacrifices needed to see the manufacturer through the economic crisis.

JLR seems to know this, but it is still worth pointing out that this loyalty deserves to be reciprocated.

Further restructuring of the business, including job losses, may simply be unavoidable. But the importance of retaining the trust of a skilled workforce is one of the factors JLR must always consider.

In the event, JLR has not needed government finance or loan guarantees. Business Secretary Lord Mandelson may feel the announcements vindicates his reluctance to make cash available.

It has to be said, however, that the extended and sometimes fractious negotiations between JLR and the Department for Business have probably added to the uncertainty and insecurity surrounding the manufacturer.

One imagines that everyone associated with the business is breathing a sigh of relief in the knowledge that their fortunes no longer depend on the Government.

On the other hand, Lord Mandelson and other ministers did commit themselves in principle to ensuring JLR’s survival on a number of occasions.

And if one good thing has come out of the problems which have faced the automotive industry, it is a renewed commitment on the part of the Government to protecting and nurturing the manufacturing sector, and an appreciation of the role it can play in the future.

Added-value and environmentally-friendly manufacturing can and should play a leading role in Britain’s economic growth. Banking and finance will not – one must hope – go away. But they should be part of the mix, not the sole foundation on which we gamble our futures.