Ericsson says cutting 700 jobs in Britain

LONDON: Swedish telecom equipment giant Ericsson said Tuesday it would axe 700 jobs and close a key facility in Coventry, central England, by the middle of next year.

The news came on a grim day for Britain's jobs market, after the state-controlled Lloyds Banking Group had already outlined plans to axe about 5,000 positions in 2010.

"These proposals represent sad news we have for our employees in Ansty Park, Coventry," said Mats Granryd, head of Ericsson's North Western Europe market division, in a company statement.

"We have to work continuously to increase efficiency and lower our cost base whilst ensuring we deliver solutions designed to meet our global customers' needs."

Unite, Britain's biggest trade union, said the announcement was a "shock" to employees because the Ansty Park facility had only opened in May.