Move into banking key to UK Royal Mail’s success

The Royal Mail’s chairman has said the business was on course to be successful and make a profit despite criticism of letters being lost in the post and allegations of theft by staff.

Allan Leighton told the annual conference of the National Federation of Sub Postmasters that the move into banking was key to the success of the organisation.

The Royal Mail had been running out of products to sell but was now forming joint ventures with banks and had made a big success of selling foreign currency.

Mr Leighton told the conference in Torquay that publicity over claims that postal workers were stealing from letters had been “very unsettling”.

He also admitted that the quality of service had suffered because of the changes being introduced, including the move to single deliveries of post.

“We are introducing the biggest change in British industry in 20 years but this is not an excuse. We have to quickly rectify things where they go wrong.”

Mr Leighton also confirmed that end of year profits would trigger a bonus for postal workers.