U.K. Government Begins Job Cuts As Treasury Offers Staff Up To £100,000 To Leave

The Treasury aims to trim roughly 300 of its 2,100 staff, starting with buyouts of up to £100,000 as part of a government-wide push to reduce administrative costs by 16%.

The U.K. Treasury is offering its officials packages of 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% of administrative costs across Whitehall.

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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,” a U.K. Treasury spokesperson told Reuters in an emailed statement.