Accountancy software firm Sage has announced 700 job cuts since October last year as part of its plan to ride out the recession. The firm, which is based in Newcastle but has major sites in Manchester and Winnersh, said that 200 jobs have been shed in the UK, which is about 5% of its 14,500 employees worldwide, The Associated Press reports. The plans will create £43.9m in annualised savings - around 4% of its cost base last year. Sage announced the move amid fears over sliding revenues, and software sales were down by 15%, but this was partially offset by growth in subscription revenues, including support services to customers. Chief executive Paul Walker said: 'After a robust performance last year, we are now experiencing the effects of the weakening global economy in most of our markets, with customers delaying software purchasing decisions.'