Barratt drops 1,000 construction jobs

07/07/2008

Homebuilder, Barratt Developments, has announced it will sack 1,000 employees.

The news followed further cuts in construction jobs from around the industry – earlier this week Taylor Wimpey confirmed it would lose 900 jobs and close a third of its regional offices.

"We have to manage our overheads to reflect market conditions, and those conditions are very tough," said Dan Bridgett, Barratt spokesperson, the Independent has reported.

Shares in the company have fallen heavily and like other builders, it is struggling to get finance in a difficult credit market.

Housing minister, Caroline Flint, is set to announce an expansion of publicly funded land buying.

The government hopes the initiative will help it reach its target to build three million homes by 2020.

Gordon Brown launched the plan in July 2007, saying: "Putting affordable housing within the reach of not just the few, but the many, is vital both to meeting individual aspirations and to securing a better future for the country."

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