Rolls Royce, one of the greatest names in British engineering, is to cut 9,000 jobs, a fifth of its global workforce, most of them in the UK.
The company, whose main business is making aircraft engines, has warned that it will take several years for the industry to recover from the impact of coronavirus.
Thousands of Rolls Royce workers have already been furloughed as part of the government support scheme. But the company says it is dealing with unprecedented conditions.
Huw Edwards presents BBC News at Ten reports from Business Correspondent Sarah Corker in Derby and Economics Editor Faisal Islam.
Covid-19 (Coronavirus) news from BBC