GE to cut 1,100 UK staff as it slashes one in five power jobs worldwide.

US industrial giant General Electric is slashing almost a fifth of the global workforce in its power business, a move that will result in a swathe of job losses in the UK.

The power division - GE’s largest unit which makes turbines used in energy generation - said that it will shed 12,000 staff worldwide, including 1,100 employees in the UK.

Tough global markets were behind the cuts, GE said, along with questions about demand for gas and coal-fired power stations as renewable energy gains momentum.

“Demand for new-built power plants dramatically dropped in all OECD countries,” the company said in a statement.

“Traditional utility customers have reduced their investments due to market deterioration and uncertainty about future climate policy measures.”

By Alan Tovey.

Full story at Yahoo News.