FT denies reports of mass redundancies

The Financial Times has “categorically and firmly denied” newspaper reports at the weekend that it is seeking to cut 20 per cent of its 530 editorial staff.

Although the financial daily has admitted consulting staff about possible voluntary redundancies – a spokesman said there are no current plans to make redundancies this year or the next.

They said an email was sent following enquiries from staff and was intended to gauge what the take-up would be if voluntary redundancies were offered.

A spokesman said: “It would be on a small scale and be a very selective early retirement and voluntary redundancy scheme.”

After the advertising recession which followed September 11 the FT lost £32 million in 2003. The paper claims to be on course to break even for the last quarter of this year and plans to cut overall losses for the year to £12 million.

The FT has cut staff numbers by at least 60 since 2001 through voluntary redundancies and non-replacement of leavers.

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