Vodafone has announced that it is to cut around 500 UK jobs as the telecommunications company seeks to reduce operating costs by over £1bn.

The company, which employs 10,000 workers in the UK, is cutting jobs as part of its recently announced plan to cut costs due to rising costs and increased competition.

"Vodafone UK has today announced reductions to its operating costs in order for it to compete more effectively in the UK market," the company said.