Banking

EY to cut UK jobs amid sinking demand for services

Cuts will affect 5 per cent of the 2,3000 employees at the firm’s consulting division in Britain

The firm has also told its UK staff to expect less generous pay raises. Picture: Getty

Ernst & Young, the financial services giant, is planning to cut jobs in the UK as a challenging market environment crimps appetite for professional services.

EY’s UK practice “has taken measures to align current resourcing requirements with market demand,” the company said in an emailed statement. “Regrettably, a group of employees in this part of the business are now subject to a redundancy consultation process.”

The cuts will affect about 5 per cent of the ...