It's no longer just a rumor - more than 1,000 jobs are being cut in the UK.
From the article:
Sky News has learnt that BAE will announce that many of the job cuts will affect its Warton plant in Preston, Lancashire, with the company's new chief executive, Charles Woodburn, also "trimming" its workforce at other locations.
http://news.sky.com/story/bae-systems-to-axe-over-1000-uk-jobs-amid-typhoon-slowdown-11073489