BUSINESS support agency Liverpool Vision is making 14 staff redundant.

The move has been forced on it by a 40% cut to its annual budget.

The Old Hall Street- based agency, which currently employs 48 staff, says all job cuts will be achieved through voluntary redundancy.

The cuts have been forced on Vision by the loss of funding from the Homes and Communities Agency and the Northwest Development Agency, the latter of which is being scrapped by the Coalition government. Now a further 20% of its funding is being withdrawn by Liverpool City Council as it seeks to balance its books.

The cuts will leave Vision with an annual operating budget of just under £3.2m, and a further £1.25m to fund specific projects. This last figure could rise to £2.4m if Vision spends its reserves.

Vision deputy chief executive Mike Taylor said: “We believe it is a realistic budget that will help make a difference.

“We understand we have to take our share of the pain.

“It shows that Liverpool City Council is committed to continuing with economic development in the city.”