Car manufacturing giant Honda has announced that it will be cutting hundreds of jobs in the UK, shortly after increasing many due to inaccurate sales forecasts, according to MSN News.
The firm blamed a slump in sales across Europe, especially in countries hit by the eurozone crisis including Spain, Greece and Italy.
Ken Keir, executive vice-president of Honda Motor Europe, said: "Sustained conditions of low demand in European markets make it necessary to re-align Honda's business structure. As such, Honda of the UK Manufacturing (HUM) will enter into formal consultation with its associates to consider these changes and the proposal that it will reduce the workforce by 800 associates by spring 2013.
A Business Department spokeswoman said: "This will be a bitter blow to the workforce and the local area and we will be working with local partners to minimise the impact of the job losses. Times are tough in the European market but the automotive industry remains a major success story for the UK. Over the last two years global manufacturers including Nissan, JLR and BMW have invested £6 billion in the UK, safeguarding and creating new jobs."