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Virgin Media announces 2200 job cuts

Richard Branson's Virgin Media group has today announced a large-scale restructuring of the business which will see 15% of the workforce made redundant (2200 jobs). The move comes on the back of a recent restructuring of the company's debt which has given Virgin Media significant breathing space for the future.

This is the first sign of a slowdown in the entertainment, telephone and broadband industry which has been enjoying something of an Indian summer of late. However, this all conquering economic slowdown has now ventured into each and every area of the UK economy and UK society with no industry or group of society left untouched. As yet there have been no further redundancies in the sector although now that one of the major companies has opened the door we may well see further cost-cutting in many of the other majors.

The announcement comes on the back of planned cost savings of £120 million over the next four years although the redundancies will not start to kick in until late in 2009. This move has angered the unions somewhat with concerns that this may be just the tip of the iceberg with more bad news to come.

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