The world's largest aircraft manufacturer has announced plans to cut more than 4,500 jobs in a bid to reduce costs.

A Boeing spokesperson said around a third of the jobs would be voluntary redundancies, but the remaining cuts would be forced. The aircraft manufacturer is expected to cut hundreds of mid-level executive and management positions, with the bulk of cuts coming in its commercial aircraft division.

Although Boeing is still the world's biggest aircraft maker, and delivered a record 762 planes in 2015, it has been losing market share to its biggest rival, Airbus, and it saw a dramatic fall in new orders last year.

Boeing's current backlog of orders is around seven years - nearly 6,000 aircraft being built at full capacity. And airlines are growing increasingly reluctant to make huge orders of billions of pounds, only to wait at least seven years to receive the aircraft.