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BW also say that a pay freeze will be imposed for 2011/12, there will be reduced spending on maintenance, a stop to most recruitment and offices will be consolidated.
Today's statement says that the cuts do not impact on the number of bank staff but it is looking at "operational efficiencies including further outsourcing of vegetation works and a review of bank staff allowances". It goes on to say, "The organisational structure put in place in 2009 will remain unchanged."
BW chief executive, Robin Evans said, “We knew the next three years were going to be difficult and, in preparation, we have already done a lot to control our costs. However the impact of the financial climate on our commercial income, the pressures on our pension scheme, and now a cut in our public funding mean that we have to reconsider our plans. This means making the difficult decision to reduce numbers of staff and spend less on major waterway repairs."