Unfortunately yes – Unless you have an employment contract stating otherwise. Most employers have a contract where they can reduce an employees hours; this is normally set out as a protection for companies to account for economic fluctuations.
What if I object to the reduction in my working hours?
If you object – then your employer has the right to issue redundancy. If you are unable to accept the cut in your hours for financial reasons then you may have to consider looking for another job. Some employers only reduce an employees hours for a given period, so try and talk to your employer where you stand for the future – rather than doing anything irrational or in haste.