BAE: Budget pressures behind job losses

Ian King, BAE chief executive, blames budget pressures for job losses:

"Some of our major programmes have seen significant changes. The four partner nations in the Typhoon programme have agreed to slow production rates to help ease their budget pressures.

"Whilst this will help extend our production schedule and ensure the production line stays open until we receive anticipated export contracts, it does reduce the workload at a number of our sites.

"Pressure on the US defence budget and top-level programme changes mean the anticipated increase in F-35 production rates will be slower than originally planned, again impacting on our expected workload."