THE Isle of Wight Council is axing 535 jobs as it wrestles with a £35million black hole it has been revealed this afternoon.

Jobs will go at all levels but senior management are to be the hardest hit.

The council is facing up to a bleak financial outlook in the next four years, with £17 million needed to be saved in the next year alone.

Chief executive Steve Beynon said efforts were being made to keep job losses to an absolute minimum.

He said: "This will naturally be a difficult time for staff and we will make sure that all the appropriate support is made available to help them through the process."