GE Power is cutting more than 1,000 jobs in the UK

 
Emma Haslett
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BRITAIN-POLITICS
Philip Hammond toured GE's Stafford factory earlier this year. (Source: Getty)

General Electric's (GE) power arm said it is cutting 1,100 jobs at two sites in the UK as part of a global restructure under which it will save $1bn (£750m).

GE Power said today the job cuts will largely be focused at its sites in Stafford and Rugby, although the cuts will affect all parts of its UK business, including power digital and global operations.

The cuts, which it said were in response to changing market conditions, will reduce its workforce by six per cent.

Global restructure

The move comes as part of a global restructure under which 12,000 jobs will be cut, which it said will save it $1bn in 2017, and another $2.5bn in 2018.

"The plans announced today are driven by challenges in the power market worldwide," it said in a statement.

"Traditional power markets including gas and coal have softened. Volumes are down significantly in products and services driven by overcapacity, lower utilisation, fewer outages, an increase in steam plant retirements, and overall growth in renewables."

Mark Elborne, chief executive of GE UK and Ireland, added: “These are not proposals we ever make lightly and we understand that this news will be difficult for many people.

"Unfortunately, we believe that these changes are necessary to ensure that we can remain competitive and secure the future of GE Power in the UK."

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