JCB has announced a further 684 redundancies in the UK. It says this is primarily a result of the lack of credit available from banks to fund machine purchases and continuing low confidence.rnProduction in the UK in the first three months of 2009 will be around 75 per cent lower than at the same time last year. An anticipated upturn in the second quarter now shows no sign of materialising.rnJCB chief executive MatthewrnTaylor says: "Back in November we forecast a moderate second quarter recovery in 2009 based on the fact that governments around the world had pumped a huge amount of money into recapitalising financial institutions and had committed to stimulus packages which included significant spending on public construction projects.rn"Two months later, despite the recapitalisation, customers are still struggling to buy machines because of a lack of available credit.
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