Staff at The Guardian have been warned of job cuts amid cutbacks.

250 staff will be made redundant as part of the publishing giants aim to cut £54M per year from its annual running costs.

In addition to the 250 redundancies, 60 positions will be gotten rid of by not filling job vacancies.

 

For the year to the end of March, operating losses are expected to total £58.6M.

Investment savings by the company have declined to £735M over the last year. This is a decline of £100M.

In a letter to staff, Katherine Viner and David Pemsel said: "Our plan of action has one goal: to secure the journalistic integrity and financial independence of the Guardian in perpetuity.

"In light of the volatile media environment, there is an urgent need for radical action. In recent weeks, therefore, budget holders, the strategic cost group and the GNM Executive Committee have examined both our fixed and our operating costs, working up a series of proposals for year one that will allow us to reduce costs and set the stage for growth.

"Given that over half our current costs are people, we propose to reduce our UK headcount by around 250 people. While protecting journalism remains our priority, we anticipate the impact will be spread across all departments, including editorial.

"We hope to achieve the target reductions through voluntary redundancy. If we do not achieve the reductions we are targeting by voluntary means, we will consider whether compulsory redundancies are necessary."