1,000 UK jobs are slashed by General Electric

INDUSTRIAL conglomerate General Electric is cutting 12,000 jobs in its global power business, including up to 1,100 in the UK.

The US firm said the cuts were necessary to save around £745m due to lower demand for fossil fuel power plants. Last month, German rival Siemens announced 6,900 job cuts due to the slump in demand for gas turbines. Both have been hammered by the rise of renewable energy such as wind and solar.

General Electric is cutting 18pc of the division’s global workforce. Jobs in the UK will mostly be cut in Stafford and Rugby.

The cuts are one of the first moves to be made by new chief executive John Flannery, 55, who took over in October. General Electric shares have plunged 44pc this year.