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London Development Agency cuts jobs
Tuesday November 2nd 2010
Workers at the London Development agency face losing their jobs as a direct result of Government cuts in public sector spending, it has been announced.
The LDA, which is responsible for driving economic growth in the capital, said it would be forced to cut its number of employees from the current 320 to 108 by the end of the financial year.
In 2008, the agency had over 600 staff but numbers have fallen due to in-year budget cuts.
A spokesman for the agency said: "The London Development Agency has been completely overhauled over the last two and a half years and now delivers increased benefits to London and better value for money."
He said: "The spending review imposes severe cuts on public sector funding. The Government has now indicated that our final settlement will only cover legal commitments in our budgets.
"Despite this low settlement, we intend to continue to meet our project commitments and move towards an orderly wind down."
He added that the agency is consulting with staff and trade unions to explore how it can achieve staff reductions while meeting all its commitments.
Copyright © Press Association 2010
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