British Airways announced plans last night to cut its spending by one fifth and to cut capacity as it tries to preserve cash.

BA, which six weeks ago reported a record loss of £401 million, also confirmed that it was looking to reduce its workforce by the equivalent of 3,700 full-time jobs this year.

That is on top of the 2,500 posts cut by BA, which remains in talks with unions, between June last year and this March.

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