Jaguar to Cut Jobs Due to Economic Downturn

Jaguar Racing will cut around 13 per cent of their staff later this year in the light of the downturn in the world economy following a lengthy evaluation process.

Between 30 and 60 of the team's estimated 370 workforce will lose their jobs as Jaguar act to reduce costs - with the redundancies coming across the board at Jaguar, Cosworth and Pi. The jobs cuts will be made in the coming months, once bosses have made decisions on those to be affected.

"We have recently concluded an evaluation into all activities of Jaguar Racing to help the team achieve the best results in the current economic climate," said spokesperson Nav Sidhu. "It is a proactive action rather than a reactive action but the overall result will be a reduction in the head count in the organisation.

"Our research shows no sign that there will be a recovery in the economy, but this is not a crisis. It is early corrective action after some months of research."

Jaguar stressed that the action was not taken because of the loss of sponsors or because of a lack of finances, but merely to "cut the fat" from their workforce. Sidhu added: "It is a proactive decision to sharpen our focus and prepare for what is going to be a difficult journey."