Exclusive sportscar maker Lotus is cutting nearly 300 jobs at its factory in Norfolk.

The cuts equate to 15% of the group's workforce at Hethel where it manufactures the Elise and Esprit.

The losses will occur over the "next few months" with the company blaming economic slowdown.

Roger Lyons, general secretary of union Amicus, formed by the merger of the MSF and AEEU, described the news as "disastrous for a prestige marque".

'Sad day'

Lotus revealed annual production levels were running at 5,000 units, compared with 5,500 last year.

The company fears demand could fall further despite a two to three month waiting list for both the Elise and Esprit.

The cars retail at �23,000 and �50,000 respectively.

A spokesman for Lotus said: "We are watching the markets and we have to be prepared for a fall."

Lotus currently employs 1,750 worldwide with ownership now in the hands of Proton in Malaysia.

Its American facilities in Atlanta and Detroit along with the factory in Kuala Lumpur, Malaysia, are unaffected by the announcement.

Renewing his call for action to reduce the value of sterling, Mr Lyons said: "This is a disastrous day for a prestige marque and a sad day for the workers as well as British manufacturing."