Jaguar Land Rover added to Britain's growing tally of job losses today with plans to eliminate 450 staff and delay pay rises and bonuses as demand for its high-end cars slows.

The company, which is owned by the Tata conglomerate, of India, said that 300 managers and 150 agency staff would lose their jobs.

Managers who keep their positions will not receive any bonuses this year and pay rises have been deferred to October.

Jaguar Land Rover said that it had started consultations with employee representatives on the proposed redundancy programme.

It said: “Clearly, these choices are very difficult. No company wants to lose skilled and experienced employees in any condition.

"Throughout the process we will ensure employees are treated with dignity."

Sales of Land Rovers in particular have been hit by the credit crunch, and the company acknowledged today that it did not expect demand to pick up for some time.

David Smith, the chief executive of Jaguar Land Rover, said: “It is only right and proper that our response to the unavoidable impact of the credit crunch and a severe reduction in demand includes actions across all grades and functions in the company."

Tata, which bought Jaguar Land Rover from Ford last year for $2.3 billion (£1.5 billion), has asked the UK Government to provide financial support, similar to the funding deal secured by rivals in the United States.

However, the UK Government has yet to provide aid to the British car industry.

The job cuts accounced today are the latest to hit the embattled sector, after Nissan announced last week that it would cut 1,200 employees in Sunderland, adding to the growing rate of redundancy in Britain, which surged again this week.

The sharp rise in job losses will put further pressure on the Government, which this week announced plans to invest £500 million in getting the long-term unemployed back to work through a series of measures, including awarding businesses a "golden hello" of £2,500 when they employ people who have been out of work for more than six months.

Last night, Barclays, the UK bank, announced that it would cut 2,100 staff, and Merrill Lynch and Bank of America said that 1,900 of its workers would lose their jobs when the two US banks merge.

This week JCB, the machinery group, said that it would shed nearly 700 staff.

Wincanton, the logistics business, will cut 1,000 employees, and Waterford Wedgwood, the Irish maker of fine china and glassware, which went bust last week, has reduced its UK headcount by 367.

Nearly 1,500 more jobs are also at risk after Land of Leather and Newcastle Productions, the Findus Food maker, which employs 420 people, went into administration.

UK unemployment is running at 1.86 million, although some economists expect the number to rise to three million by next year.

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