Britain’s Competition and Markets Authority has reportedly told staff of plans to axe almost 10% of its workforce on the back of a “budgeting error”.
Staff were informed of cuts due to overspending in December, according to Financial Times-cited sources.
Chief executive Sarah Cardell reportedly plans to reduce the watchdog’s headcount by around 100 people by way of a voluntary exit scheme.
She cited a “budgeting error,” but later told staff the likes of its mergers and new digital markets units would not be affected.
The CMA employed almost 1,200 people as of October and was set to receive a £139 million budget from the Treasury this year.
News of cuts follows CMA chair Marcus Bokkerink’s ousting by the government over issues around growth this week with former Amazon UK head Doug Gurr his replacement
Cardell has since reportedly reassured staff that the government remained confident in the agency despite Bookerink’s departure.
“This is a historic budget issue which has been addressed swiftly and appropriately,” the CMA said.
“The CMA is fully focused on its priorities for the coming year including working with the government and the new interim chair to help deliver growth.”