British machinery giant JCB is to axe almost 700 jobs. The company blamed the lack of credit available from banks, along with continuing low confidence.
Several sites in the UK will be hit by the cuts, including plants in Staffordshire, Derbyshire and Wrexham in North Wales.
Workers at the company voted to reduce their hours last year in a bid to save jobs, a move which the firm said has protected over 300 employees from the threat of redundancy.
