BDO Stoy Hayward has become the latest accounting firm to axe jobs, announcing plans to cut about 8% of its UK workforce

The UK's sixth biggest accounting firm by revenue said it plans to cut about 250 jobs across its business in response to the economic downturn.

BDO said that it is consulting staff after starting a redundancy programme.

Rivals PKF and Grant Thornton have also announced job cuts in the past few weeks, blaming an expected slowdown in growth next year. Deloitte has told Accountancy Age that it plans to cut 250 staff through 'voluntary exits'.

The wave of job cuts ends hopes that the profession would be able to insulate itself from the economic crisis because of its diverse business services.

Simon Michaels, managing partner at BDO Stoy Hayward, said in a statement: 'This is a regrettable decision and not one we have taken lightly. However, the decision to implement this programme is necessary in the current climate. The current market conditions mean that it is prudent business management to review the size and scale of your business and adapt it appropriately.'

He added: 'We have a strong set of values at BDO and therefore a commitment to be honest and do the right thing for our people and for our business. The most important thing is that our staff understand why we are doing this.'