Nevertheless, the chancellor did find money from squeezing day-to-day spending to pay for important personal and business tax cuts and a multi-billion pound attempt to boost the construction industry.

BBC: A Budget of paradoxes

South Swindon MP Robert Buckland, who attended a multi-agency meeting about the cuts said details of redundancy packages have yet to be confirmed.

BBC: Honda: More affected at South Marston factory

To satisfy critics and turn the company around, Nooyi has embarked on an ambitious multi-year plan that includes 8, 700 job cuts.

FORBES: Kellogg Grabs Pringles For $2.7B, Diamond Foods Loses Out