AEROSPACE giant Rolls-Royce said it plans to cut at least 9,000 jobs after demand was hit by the coronavirus pandemic.
The Derby-based company – which employs 52,000 worldwide – today said "difficult decisions" had to be made in these "unprecedented times".
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The restructuring will mainly affect Rolls-Royce's civil aerospace division as well as the company's central support functions.
Rolls-Royce hasn't yet confirmed where the affected workers are based though, so we'll update this article once we hear back.
Warren East, chief executive of Rolls-Royce, said: "This is not a crisis of our making. But it is the crisis that we face and we must deal with it.
"Our airline customers and airframe partners are having to adapt and so must we.
"Being told that there is no longer a job for you is a terrible prospect and it is especially hard when all of us take so much pride in working for Rolls-Royce.
"But we must take difficult decisions to see our business through these unprecedented times."
It comes after Chancellor Rishi Sunak warned of a "never-before-seen" recession.
He told MPs the Government would not be able to save every job and there could be a long-term "scarring" of the British economy.
He said: "I certainly won't be able to protect every job and every business, we're already seeing in the data there will be more hardship to come.
"Lockdown is having a significant impact on our economy and we are likely to face a severe recession the likes of which we haven't seen (before).
"Of course that will have an impact on employment."
Mr Sunak said the length and depth of that recession will depend on how much longer the nation is forced to stay in economic shutdown to keep coronavirus from ripping through the UK.
He said: "The question that occupies my mind and long term is more relevant is to what degree of long term scarring is there on the economy as the result of this recession?"
The number of people claiming unemployment benefits has soared to 2.1million, rising by 856,500 in April compared to March.
Meanwhile, the amount of Brits relying on the Government's furlough and self-employment schemes has hit 10 million.
It was revealed this morning unemployment in the UK had skyrocketed by 50,000 to 1.35 million in three months to March.
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