Tory MP deals with private sector job losses.

Stewart Jackson is today fending off Labour accusations that the private sector will not rescue British economic growth, 'as proven' in his constituency of Peterborough. Thomas Cook, which employs over 2000 people in Peterborough, is looking to axe jobs after the company claimed that rising costs on the UK could decrease profits by £10 million.

Jackson said: "Thomas Cook is a massively important company to Peterborough. It is one of the biggest employers in the city with a very high rate of satisfaction and brings a lot of money into the local economy. It is also a blue chip company that reflects well on Peterborough.

When I spoke to them last they were quite bullish about the situation and I remain reasonably 

However, Robin Morton, fund manager at Peterborough stockbrokers Varton and Son, didn't seem surprised as it was following a national trend.

Mr Morton said: "Its share price has been dropping since the beginning of 2009. It has certainly underperformed in that period."