Royal Mail has been hammered by Labour’s jobs tax and declining letter volumes.
Parent company International Distribution Services (IDS) said the UK business saw profits plunge to £96million in the year to the end of March from £198million over the previous 12 months.
The slump came as employee costs rose by 5.5 per cent, including a 4.2 per cent pay increase for frontline staff and a £133million hit from Rachel Reeves’ national insurance tax raid.
The postal service is also grappling with declining letter volumes – down 10 per cent to 5.7billion last year – as people switch to digital communications and baulk at
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