HP confirms UK job cuts

<p>Hundreds of jobs in the UK are being cut by HP.</p>

Hewlett-Packard (HP) has confirmed it is cutting more than 1,000 jobs in the UK.

The computer manufacturer revealed that 1,124 posts are being lost in total, with sites in Bracknell, Sheffield and Warrington being affected by the cutbacks.

However, HP stressed that not all of the workers are going to have to leave the company, as positions will be found in other departments for some of them.

Unite's national officer, Ian Tonks, accused HP of being "addicted" to making job cuts in the UK and criticised the timing of the announcement, which comes just a few weeks before Christmas.

"Unite will be doing everything possible to mitigate these job losses, which are a hammer blow to the UK's IT sector and very distressing for employees in the run-up to Christmas," he said.

Following the announcement of the cutbacks, the share price of HP is up considerably today (December 4th). At 15:28 GMT, stocks in the firm were 3.85 per cent up for the day.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.