UK Treasury offers up to 100,000 pounds exit packages to cut hundreds of jobs, FT reports

Some officials may still face compulsory redundancy if voluntary exits are insufficient

Photo: Reuters

The UK Treasury is offering its officials up to 100,000 pounds ($136,790) to leave voluntarily as part of plans to cut hundreds of jobs in the finance ministry, the Financial Times reported on Monday citing people familiar with the plan.

British Finance Minister Rachel Reeves wants to trim about 300 of her department's roughly 2,100 staff by 2030, the report said, citing several people familiar with the plan, adding that the cuts form part of a wider drive to cut 16 percent of administrative costs across Whitehall.

Reuters could not immediately verify the report. The UK Treasury did not immediately respond to a Reuters request for comment.

According to the FT report, the Treasury could still require some officials to be made redundant if voluntary departures fall short across its offices in London, Darlington, Norwich and Edinburgh.

"The Treasury is the largest it has been on record, so during this period of stability it's now right we reduce our size back to more normal levels through a voluntary exit scheme, in line with the whole of government," the Treasury told the FT.