Facebook UK cut 700 staff and reduced tax bill last year, accounts show

10% of Facebook's UK workforce was axed while revenue fell slightly but pre-tax profits rose despite advertising slowdown

Facebook cut more than 700 employees in the UK last year at a cost of 79m, after parent company Meta embarked on its first ever round of redundancies as part of a global cost-cutting drive to offset a disastrous collapse in revenues.

The company - which is one of the most valuable US tech companies behind Apple, the Google owner Alphabet, and Amazon - also reduced its UK tax bill to just over 12% of its pre-tax profits, half the standard 25% corporation tax rate.