UK defence firm to axe 800 jobs

The bosses who made fortunes from the privatisation of defence research firm Qinetiq announced plans today to axe 400 jobs from the business.

Chief executive Graham Love – who made £22m (€30.8m) when the former Ministry of Defence business was floated in February last year – said the job cuts would fall among the company’s 8,000 UK staff.

Last week the National Audit Office (NAO) spending watchdog criticised the “excessive” £107.5m (€150.6m) returns of Qinetiq’s senior management from the deal and said the taxpayer could have gained more.