Land Registry could axe up to 1,500 jobs
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The Land Registry is to close a number of its offices and cut up to 1,500 jobs in a bid to cut costs.
It plans to close its offices in Croydon, Peterborough, Portsmouth, Stevenage and Tunbridge Wells.
It is predicting a trading loss before restructure and reorganisation costs and dividend of £7.5m in 2009/2010, after seeing a trading loss of £61m in 2008/2009.
It says it has worked extremely hard to reduce costs and reduced its operating costs from £381.4m in 2008/9 to £334.0m forecast for this year.
However, it says there is still an urgent need to reduce fixed costs so that it is not exposed, to this extent, to downturns in the property market
As a trading fund it is required to cover its costs in the long run and provide a return on capital of 3.5%.
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