Royal Mail warns of potential stamp price hikes and job cuts due to a £120 million tax hit.

Royal Mail, owned by International Distribution Services (IDS), faces a £120 million financial hit from recent National Insurance tax changes, potentially leading to further stamp price increases and possible job cuts. CEO Martin Seidenberg warns that automation and service reforms are being considered to offset rising costs. IDS, which employs about 130,000 people, is also awaiting approval for a £3.57 billion takeover by Czech billionaire Daniel Kretinsky.

November 21, 2024
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