McDonald’s announcement that it plans to create 4,000 jobs and open 20 restaurants in Britain yesterday proved to be the highlight on a bleak day for jobs.

Steelmaker Corus is to cut 2,500 jobs, while 267 jobs went at children’s wear chain Adams.

Elsewhere, electronics retailer Phillips announced it plans to cut 6,000 jobs worldwide.

Construction firm Caterpillar will cut 20,000 jobs.

Pharmaceutical company Pfizer is to slash 19,000 jobs, following its takeover of Wyeth.

Financial group ING is making 7,000 staff redundant and General Motors is to cut 2,000 jobs.