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| Jaguar Land Rover cuts 450 staff | Jaguar Land Rover cuts 450 staff |
| (about 1 hour later) | |
| Jaguar Land Rover has announced it is cutting 450 staff. | Jaguar Land Rover has announced it is cutting 450 staff. |
| Three hundred managers will be made redundant while 150 salaried agency staff will also lose their jobs. | Three hundred managers will be made redundant while 150 salaried agency staff will also lose their jobs. |
| The firm, which was bought by Tata from Ford for £1.7bn last year, said the action was to combat the credit crunch and a "severe reduction in demand". | The firm, which was bought by Tata from Ford for £1.7bn last year, said the action was to combat the credit crunch and a "severe reduction in demand". |
| Based in Gaydon, Warwickshire, it employs about 15,000 people in Castle Bromwich, Coventry and Solihull in the West Midlands and Halewood, Merseyside. | Based in Gaydon, Warwickshire, it employs about 15,000 people in Castle Bromwich, Coventry and Solihull in the West Midlands and Halewood, Merseyside. |
| Prime Minister Gordon Brown's spokesman said the government was "disappointed". | Prime Minister Gordon Brown's spokesman said the government was "disappointed". |
| No bonuses | No bonuses |
| He added: "Jaguar Land Rover's decision today reflects the continued downturn in the market and that is a reflection of what is happening more generally in the global economy." | |
| Business Secretary Lord Mandelson confirmed the government was looking into a possible rescue package for the car industry. | |
| It is critical that Jaguar Land Rover becomes a more efficient and dynamic organisation David Smith, chief executive, Jaguar Land Rover 'A year to forget' for carmakersThe Jaguar Land Rover dilemma | It is critical that Jaguar Land Rover becomes a more efficient and dynamic organisation David Smith, chief executive, Jaguar Land Rover 'A year to forget' for carmakersThe Jaguar Land Rover dilemma |
| Jaguar Land Rover chief executive David Smith said he did not expect sales to return to normal levels "for some time". | Jaguar Land Rover chief executive David Smith said he did not expect sales to return to normal levels "for some time". |
| He said the firm needed to become more efficient so it could invest in new models and technology when the market improved. | He said the firm needed to become more efficient so it could invest in new models and technology when the market improved. |
| He added: "It is only right and proper that our response to the unavoidable impact of the credit crunch and a severe reduction in demand includes actions across all grades and functions in the company. | He added: "It is only right and proper that our response to the unavoidable impact of the credit crunch and a severe reduction in demand includes actions across all grades and functions in the company. |
| "It is critical that Jaguar Land Rover becomes a more efficient and dynamic organisation to face up to the challenges that we will meet in the years ahead." | "It is critical that Jaguar Land Rover becomes a more efficient and dynamic organisation to face up to the challenges that we will meet in the years ahead." |
| The company said managers would not receive any bonuses in 2009 and management pay increases had been deferred until 1 October "at the earliest". | The company said managers would not receive any bonuses in 2009 and management pay increases had been deferred until 1 October "at the earliest". |
| It said it had begun consulting with unions on the proposed redundancy programme. | It said it had begun consulting with unions on the proposed redundancy programme. |
| Jaguars are made at Halewood and Castle Bromwich while Land Rovers are produced at Halewood and Solihull. | Jaguars are made at Halewood and Castle Bromwich while Land Rovers are produced at Halewood and Solihull. |
| A wood veneer plant at Coventry supplies both marques while the company has two research and development centres in Coventry and Gaydon. Managers are spread across all the sites. | A wood veneer plant at Coventry supplies both marques while the company has two research and development centres in Coventry and Gaydon. Managers are spread across all the sites. |
| Last November, the firm axed 850 agency IT and engineering staff and said it was in talks with the government over a possible bail out. | Last November, the firm axed 850 agency IT and engineering staff and said it was in talks with the government over a possible bail out. |
| Tata has also said it will inject tens of millions of pounds into the company. | Tata has also said it will inject tens of millions of pounds into the company. |
| The annual Christmas break was extended last year due to the fall in demand. | The annual Christmas break was extended last year due to the fall in demand. |
| Land Rover sales were down by 30% throughout 2008 although Jaguar's sales rose by almost 9% over the same period, which the company put down to its new XF model launched last year. | Land Rover sales were down by 30% throughout 2008 although Jaguar's sales rose by almost 9% over the same period, which the company put down to its new XF model launched last year. |