Jaguar Land Rover has announced it will cut 4,000 jobs over two years in the face of “significant challenges” within the automobile industry. Most of those jobs will be in the UK…
Chief executive PB Balaji said in a statement today:
“The automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geo-political uncertainty.
“We are reducing organisational complexity and targeting £1.7bn of savings to lower our break-even point towards 300,000 vehicles and become fitter to compete in a rapidly evolving market.
“These actions will support continued investment of £15bn-18bn over the next five years in electrification, digital technologies, advanced manufacturing and enhanced customer experiences.
“As part of this transformation, we will reduce our global workforce by around 4,000 roles over the next two years. We recognise this will be difficult news for colleagues affected, and are committed to supporting everyone with care, fairness and respect.”
On the same day Healey promises growth, sunshine, and daisies…
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”