More bad news today as South West Trains announced that it is set to axe 480 jobs. A spokesperson for the company said "In common with other rail operators we have carried out a review of our cost base to ensure we are operating as efficiently as we can in view of reduced passenger growth and an increasingly challenging economic climate"

“We are proposing to reduce the costs of our rail operation and make some changes to the way we manage our business but we will continue to operate the same number of train services for our passengers.”

That brings the number of job cuts announced this week to 8,630 with the biggest losses coming from Barclays Bank who have announced job cuts of 4,100 this week.