Up to 2,000 jobs are set to be cut at car manufacturer Rolls Royce.
The firm said the first phase of these cuts would include 140 job reductions at its assembly and test facility in Derby.
Around 60 per cent of Rolls Royce's 39,000 global workforce are based in the UK and the company today warned further redundancies can be expected in the future.
In 2009 it will be necessary to implement job reductions across the various sectors and functions of around 1,500 to 2,000 on a worldwide basis, it said today in a statement.
"We are determined to maintain our focus on cost reduction and competitiveness as the world economy enters a challenging period," chief executive Sir John Rose said.
"It is too early to determine the precise effects of the global economic downturn and programme delays. However, we wanted to give all our employees an early indication of the likely scale of the job reductions we expect in 2009."
The job cuts are the latest in a series of announcements by British companies. In the last week BT has said it plans to release 10,000 employees, Virgin Media revealed it wants to lose 2,000 jobs while Royal Bank of Scotland will make 3,000 cuts.