Royal Mail might turn into a privatized Company if everything goes as contemplated. The Labor Government has pressed for the privatization of the state owned mail carrier.
According to a report by the former Deputy Chairman of Ofcom, Richard Hooper who looked into the working of the UK mail carrier, Royal Mail, the position has deteriorated more than what had been stated by Hooper in his earlier report.
The situation regarding the financial woes of Royal Mail has just slumped down, with the group’s £10billion pension deficit becoming unmanageable for the Company.
Mr. Richard Hooper further stressed the need for investment of private capital into the confines of the mail carrier.
Mr. Vince Cable, Business Secretary further vied for Mr. Hooper’s statement expressing that the new report further seconds the findings of the initial report on Royal Mail. He added that the Government was determined to save the historically important mail carrier and would take in the employees to confidence to help Royal Mail survive and attain financial sustainability.
In another development, during a session of the Parliament, a Postal Services Bill is being touted to be introduced, that would stress on the modernization of the Royal Mail. It would also ensure benefits for the employees of the Royal Mail.