British companies say they have cut investment plans considerably | Business


The coronavirus lockdown has virtually stopped international travel and tourism, hitting airlines and other travel companies, aerospace and auto manufacturers, and oil companies hard.As these companies adjust to significantly reduced revenue forecasts, job losses are starting to increase alarmingly. More than 40,000 layoffs have already been announced in these sectors, including more than 10,000 in the United Kingdom.

Rolls Royce
The jet engine maker has confirmed that 3,000 of the 9,000 job cuts worldwide will be made in the UK. Rolls-Royce will make the first round of layoffs through a voluntary program, with approximately 1,500 jobs lost at its headquarters in Derby, as well as 700 layoffs in Inchinnan, near Glasgow, another 200 at its Barnoldswick site in the Lancashire, and 175 in Solihull, Warwickshire.

The luxury automaker plans to cut staff by almost a quarter, cutting 1,000 jobs through a voluntary layoff plan. The majority of the 4,200 Bentley employees are based in Crewe, Cheshire.

Aston Martin Lagonda
The luxury car maker from Warwickshire also announced 500 layoffs.

The oil company plans to fire 10,000 people worldwide, including about 2,000 in the UK by the end of the year. BP CEO Bernard Looney said the majority of those affected would be those in office jobs, including at the highest levels. BP said it would reduce the number of group leaders by a third and protect the company’s “front line” in its operations.

British Airways
The British standard-bearer is holding consultations to fire up to 12,000 people, a reduction in one in four jobs at the airline. BA plans to reduce the roles among its cabin crew, pilots and ground staff, while significantly reducing its operations at Gatwick Airport.

Virgin Atlantic
Richard Branson’s airline will cut more than 3,000 jobs, more than a third of its workforce, and close its operations in Gatwick.

The airline has announced plans to cut 4,500 employees, or 30% of its workforce.

The Irish airline plans to cut 3,000 jobs and cut staff wages by up to a fifth.

P&O Ferries
The shipping company plans to cut more than a quarter of its workforce, losing 1,100 jobs. The company, which operates passenger ferries between Dover and Calais, and across the Irish Sea, as well as from Hull to Rotterdam and Zeebrugge, will initially offer employees voluntary redundancies.


Please enter your comment!
Please enter your name here