Car firm announces job cuts

28/11/2008

Jaguar is to cut 850 staff, in the latest round of job losses in the UK.

The car manufacturer said that the current slowdown made the cuts, which will mainly be in the firm's IT and engineering departments, necessary.

Earlier in the week, retailers Woolworths and MFI said that they would enter administration - a move which is likely to lead to thousands of job losses.

Unemployment in the UK currently stands at around 1.8 million.

It is widely predicted to hit two million by the end of the year - and to continue rising in 2009 as the economic downturn continues.

A Jaguar spokesman said: "It is a difficult decision but it is part of us taking responsible and rapid actions for the future of the business.

"The car industry globally is probably the sector most severely affected by the current economic climate, and the premium end we are in is even more so."

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

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