The British aero-engine manufacturer Rolls-Royce has announced plans to cut 2,300 jobs from its managerial, professional and clerical staff. The company says the slimming-down is to offset rising costs, and the continuing weakness of the US dollar. Rolls-Royce employs nearly 40,000 people, spread through 50 countries. A company statement said the reductions in Britain would be found through voluntary redundancy where possible.
The aviation industry does much of its business in US dollars and last year the US currency hit a 26-year low against sterling. A weak dollar makes British goods more expensive – relatively speaking – and Rolls-Royce is just one of several European companies which has seen profits hit by the dollar’s fragility.