Published by Global Banking & Finance Review®
Posted on February 2, 2026
2 min readLast updated: February 2, 2026
The UK Treasury is offering up to 100,000 pounds for voluntary exits to reduce hundreds of jobs in the finance ministry, according to the Financial Times.
Feb 2 (Reuters) - The UK Treasury is offering its officials packages of up to 100,000 pounds ($136,790) to leave voluntarily as part of plans to cut hundreds of jobs in the finance ministry, the Financial Times reported on Monday, citing people familiar with the plan.
British Finance Minister Rachel Reeves wants to trim about 300 of her department's roughly 2,100 staff by 2030, the report said, citing several people familiar with the plan, adding that the cuts form part of a wider drive to cut 16% of administrative costs across Whitehall.
According to the FT report, the Treasury could still require some officials to be made redundant if voluntary departures fall short across its offices in London, Darlington, Norwich and Edinburgh.
"The Treasury is the largest it has been on record, so during this period of stability it's now right we reduce our size back to more normal levels through a voluntary exit scheme, in line with the whole of government," a UK Treasury spokesperson told Reuters in an emailed statement.
($1 = 0.7310 pounds)
(Reporting by Disha Mishra in Bengaluru; additional reporting by Rishabh Jaiswal; Editing by Jacqueline Wong, Aidan Lewis)
An exit package is a financial compensation offered to employees who voluntarily leave their job, often including severance pay and other benefits.
Job cuts refer to the reduction of staff within an organization, often due to financial constraints or restructuring efforts.
Compensation refers to the payment or benefits received by employees in exchange for their work, including salary, bonuses, and benefits.
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