PKF to axe 5% of UK staff

PKF is planning to cut about five per cent of its UK workforce in the latest sign that accounting firms are cutting costs as the economic crisis begins to hit their growth.
Last month, Grant Thornton said it was planning to cut 225 jobs, around 5% of its workforce, blaming an expected slowdown in revenue growth next year.

About 70 jobs are expected to go at PKF, the UK's ninth biggest accounting firm by revenue.

A PKF spokeswoman said: "In common with other firms in our profession PKF is not immune to the deteriorating economic climate and with the prospect of continuing pressures on demand for our services next year we have undertaken a review of our resources in order to ensure that our numbers are commensurate with projected income.'

“PKF has taken these steps at an early stage in order to preserve its strength and mitigate the need for further action in the future.'

She said the firm will seek voluntary redundancies first.