The worlds largest mobile phone group, Vodafone have said they will be cutting 500 jobs in it’s UK operation as part of plans to free up cash flow and boost profits. The job cuts will affect 5% of Vodafones UK workforce, but represents a small part of an overall one billion pound cost cutting exercise throughout the group recently announced to maintain profits.
The telecommunications market has not been hit so hard as other sectors during the financial crisis, but the market has shown signs of weakness particularly in developed markets. British Telecom and Virgin Media are already shedding jobs in the sector, a total of over 12,000 are expected to go between now and 2012.
On a brighter note, retail sales in the UK fell at a much lower rate than expected in February according to a CBI survey. The report suggests that supermarkets, footwear and leather stores appear to be holding up better than most. However the CBI say that it is tough for many retailers who are having to shed jobs at a record rate.
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