Airbus to axe nearly 500 UK jobs to cut costs

Published On Dec 4, 2024, 5:26 PM

Airbus is cutting nearly 500 jobs in the UK as part of a global effort to reduce its workforce by about 5% by mid-2026. This decision is driven by the need to lower costs amid falling profits, with the company's profit dropping 22% to £1.8 billion even as sales increased by 7% to £44.5 billion. The job reductions will primarily impact the space business and are seen as a response to ongoing supply chain challenges that have hampered Airbus's ability to meet demand. Rolls-Royce is mentioned as a related player in the aerospace sector, particularly for engines.