A series of European companies cut jobs

VTV.vn - Many European companies have stopped recruiting or cut jobs this year, citing the difficult economic situation made worse by US tariffs.

A series of European companies cut jobs

In the automotive industry, French carmaker Renault has confirmed plans to cut costs. Some sources said that Renault will cut 3,000 jobs by the end of the year in the support services department at its headquarters in the suburbs of Paris and other locations around the world. In the banking industry, British bank LLOYDS is also considering laying off about half of its 3,000 employees to cut costs. This is also a common problem in many other industries such as energy, engineering and consumer industries in the context of many uncertainties about tariffs. In addition, there are other causes such as slowing economic growth and falling consumer demand, increasing operating costs and competitive pressure.

Chancellor Rachel Reeves' £1.7bn wealth tax plan could threaten 120,000 jobs at major retailers, retail and hospitality chiefs have warned. The British Retail Consortium (BRC) and UK Hospitality have expressed concern about the Chancellor's plans to impose higher corporation tax on supermarkets, hotels, holiday parks and restaurants. Trade organisations estimate that the changes could lead to hundreds of closures, leading to the loss of around 120,000 jobs.

Under planned corporate tax reforms, which will come into effect from April 2026, larger businesses will be taxed at higher rates to ease the burden on smaller businesses. Labour says the reforms are aimed at revitalising city centres and creating a level playing field between traditional retailers and large online retailers, especially large warehouses.

However, retail and hospitality industry chiefs have warned that this could backfire by forcing large shops and leisure facilities to close. Helen Dickinson, chief executive of the BRC, and Kate Nicholls, chair of UK Hospitality, have both stressed that without significant business tax relief, large shops and leisure facilities will be forced to close, with serious consequences for the economy, including the loss of thousands of jobs. They are calling on the Treasury to consider further business tax relief for retailers to protect hundreds of shops and jobs vital to the economy.

Source: https://vtv.vn/hang-loat-cong-ty-chau-au-cat-giam-viec-lam-100251029102651083.htm