JCB to cut almost 700 jobs

Machinery giant JCB is to axe almost 700 jobs because of the lack of credit available from banks coupled with continuing low confidence, the company announced today.

Several sites will be hit by the cuts, including plants in Staffordshire, Derbyshire and Wrexham in North Wales.

Workers at the company voted to reduce their hours last year in a bid to save jobs, a move which the firm said has protected over 300 employees from the threat of redundancy.