Housebuilder Persimmon cuts 300 jobs after drop in demand

Company to push ahead with cost-cutting drive as fallout government's autumn mini-budget takes toll

Persimmon, one of the UK's largest housebuilders, has cut 300 jobs as weak demand linked to the fallout from the government's autumn mini-budget sent half-year profits plunging by 65%.

The company said it was pushing ahead with a cost-cutting drive, as it grappled with a drop in customers committed to buying homes after the market meltdown, which pushed up interest rates and made mortgages more expensive for prospective homeowners.