Insurance giant Legal & General is to axe 1,000 jobs as UK private sector cuts workers for TWO YEARS STRAIGHT

From the Newshound archive · first published 23 September 2026 · last updated 24 September 2026.

Legal & General chief executive Antonio Simoes told staff on Wednesday the FTSE 100 insurer must "become a leaner organisation", announcing a voluntary redundancy programme aimed at cutting roughly one in ten of its 10,000 employees by mid-2027. The figures arrive as PMI survey data shows private sector employers have reduced headcount every month for two consecutive years, casting a harsh light on Labour's record on employment. Compulsory redundancies remain possible if not enough staff volunteer to leave.

The asset management arm, which oversees £1.2 trillion in assets, has been excluded from the programme, having already undergone a separate restructuring process.

Simoes, who succeeded Nigel Wilson in January 2024, has already cut the group from four divisions to three and offloaded assets including housebuilder Cala Homes.

Criticism of Labour's tax and employment policies has centred on their role in discouraging employers from taking on new staff as the UK jobs market deteriorates sharply.