ITV to cut 120 jobs as Brexit fears hit UK advertising market

With the vote to leave the EU impacting the advertising market, ITV has announced that more than 100 jobs will be cut in order to make £25m in cost savings.

The broadcasting giant is set to cut 120 jobs due to the “political and economic uncertainty” surrounding brexit.

It is forecasted that the UK broadcasters will be hit with the worst year for TV advertising since 2009, therefore cost saving strategies must be implemented.

The redundancies will take place across all areas of ITV’s operations and amount to around 3% of its 6,000 workforce, half of which are based in Britain.

An ITV spokesperson said: “At a time of political and economic uncertainty in our key markets, it’s important that we are in the strongest possible position to continue to invest in our strategy and to meet any challenges and opportunities ahead.

“We have taken costs out across ITV in a managed and sensible way over the past six years and we must continue to keep a tight control on spending to ensure that we are operating as efficiently and effectively as possible whilst maximising our ability to invest in the high quality programming that drives ITV’s success.”

ITV relies heavily on the UK market as it generated around 85% of the £3bn made last year.