A sudden and severe disruption to the global semiconductor supply chain has prompted an emergency summit of G7 leaders, scheduled for tomorrow in London. The announcement came late tonight from 10 Downing Street, with a spokesperson describing the situation as a “critical fracture” that threatens to halt production across multiple industries, from automotive to defence.

Leaked internal documents from the Office of the Prime Minister reveal that the crisis was triggered by a coordinated cyber attack on key fabrication plants in Taiwan and South Korea. Sources close to the matter indicate that the attack, attributed to a state-sponsored group, has knocked out 40 per cent of global advanced chip capacity. The UK’s National Cyber Security Centre has been working through the night to assess the damage.

The summit, to be chaired by Prime Minister Sir Keir Starmer, will bring together leaders from the United States, Canada, France, Germany, Italy, and Japan. It is expected to focus on emergency measures to ration existing chip stocks and accelerate production at alternative facilities. A senior government source told The British Wire that “the next 72 hours are critical” and that without immediate action, car factories in the Midlands and electronics manufacturers in the South East could be forced to close within a fortnight.

The economic stakes are enormous. The semiconductor industry is the backbone of modern technology, powering everything from smartphones to fighter jets. The UK’s own tech sector, which contributes over £200 billion annually to the economy, faces a severe blow. The British Chamber of Commerce has called for an urgent meeting with the Treasury, warning that supply chains are already “seizing up”.

In a late-night statement, Chancellor Rachel Reeves said the government is “exploring all options, including a nationalisation of critical chip stocks if necessary”. She stressed that the crisis is not just economic but a matter of national security. “We cannot allow hostile actors to hold our economy hostage,” she said.

European leaders are equally alarmed. Germany’s Chancellor Olaf Scholz has cancelled a planned visit to China, and France’s President Emmanuel Macron has proposed a joint European-American semiconductor fund to increase long-term resilience. The White House has confirmed that President Joe Biden will attend the summit in person, bypassing a planned virtual appearance.

Industry experts are warning of a prolonged disruption. Dr. Helen Carter, a semiconductor supply chain specialist at Imperial College London, said: “This is not a short-term glitch. The targeted facilities are among the most advanced in the world. Rebuilding capacity will take months, if not years.”

The summit is expected to produce a communiqué that includes a commitment to share intelligence about the cyber attack and to coordinate export controls on critical raw materials. There are also rumours of a joint military deployment to protect key infrastructure in Asia.

Developing tonight: Downing Street has confirmed that the government will make a full statement to Parliament tomorrow morning. The British Wire understands that the Prime Minister may invoke emergency powers to commandeer private chip reserves. Stay with us for further updates.