Fears for hundreds of Luton job losses after TUI announces 8,000 roles to be axed worldwide

Last Wednesday, TUI posted losses of €845.8m (£747m) in the first half of 2020, a massive increase on the €289.1m (£255m) loss over the same period 12 months earlier.

TUI Group has described COVID-19 as "the greatest crisis" the holiday industry has faced.

A spokesman from the Anglo-German company told the BBC: "We are targeting to permanently reduce our overhead cost base by 30% across the entire group.

"This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced."

Around 800 people work at TUI's UK head office in Wigmore House, Luton, where it has been based since 2005. Based on the 30% projection, some 240 jobs at the site could potentially be at risk.

Nevertheless, a TUI spokesman insisted the firm was unable to comment on the number of Luton jobs under threat, calling the use of their own 30% projection rate "simplistic" and "misguided".

The travel industry has suffered its biggest calamity in decades due to coronavirus, with governments imposing travel restrictions and passenger numbers plummeting.

Some airline bosses predict it could be up to three years before the industry returns to normal.

TUI added: "The tourism industry has weathered a number of macroeconomic shocks throughout the most recent decades.

"However, the COVID-19 pandemic is unquestionably the greatest crisis the industry and TUI has ever faced."

Chief executive Friedrich Joussen said the company was going through cash at a rate of €250m (£220m) a month, despite recently cutting costs by 70%.