SIR – Royal Mail was accused recently (May 24) of fleecing taxpayers after it announced multi-million pound profits in the service’s first set of results since its controversial £3.3 billion stock market floatation in October 2013.
The company said that operating profits after transformation costs were £430 million in the year to March 30, against £403 million in a year earlier.
The figures sparked a fresh row over whether business secretary Vince Cable sold the shares too cheaply last year with unions saying it was now clear that taxpayers had been “fleeced”.
Brian Scott of Unite which represents 7,000 Royal Mail managers said: “Instead of these profits flowing into the Treasury’s coffers to pay for schools and nurses, it’s flowing into the pockets of shareholders, some of whom enjoyed ‘mates rates’ when Royal Mail was sold off on the cheap.
“Workers are paying the price with job losses. The uncertainty is set to continue with a massive £106m set aside to cover ‘transformational costs’.”
Max Hey, Fairway Grove, Bradford
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