Lack of bank credit blamed for latest job losses at JCB

摘要

Last month JCB announced a further 684 redundancies in the UK, primarily as a result of the lack of credit available from banks to fund machine purchases and continuing low confidence.rnThe latest job losses affect 593 shop floor and 91 staff positions, and are in addition to the 1,000 redundancies already announced since last July.rnCommenting on the situation, JCB's chief executive, Matthew Taylor, said:'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 recapitalizing financial institutions and had committed to stimulus packages which included significant spending on public construction projects.