NTL announces 8,000 job cuts

NEWS Debt laden cable operator NTL has said it will lay off 8,200 in a continued attempt to save money. In July NTL said it would have to make around 7,000 job cuts in the coming year, but has now said the cuts will be more severe - taking the number of staff at NTL down to 15,000 by October 2002 compared to 23,200 this time last year. According to the Financial Times the jobs cuts will save the company £275m. CEO Barclay Knapp has also assured analysts that the cable provider will increase average revenue per subscriber to £46 per month by the end of 2002, from £39 currently. The company is still hoping to raise as much as £1.6bn from the sale of its aerials business to go towards reducing its £12bn debt.