MPs to look into UK Royal Mail losses

The Commons Trade and Industry Select Committee is set to investigate allegations by the Communication Workers Union that Royal Mail has exaggerated its claims to be losing Pounds 750,000 a day.

The union said Royal Mail’s financial position was improving and the organisation was trying to give the impression that restructuring was more urgent than it actually was.

Lindsay Hoyle, a Labour MP on the committee, said he thought it was important that an investigation be launched. “There has to be a full investigation to find out what the truth of the matter is at Royal Mail,” he said. “I’m positive the committee won’t shy away from having a full investigation into what is going on.”

A spokesman for Royal Mail said last week that it was “ludicrous” to suggest its accounts did not give a true picture of its finances.

Meanwhile, leaders of the CWU are due to meet Royal Mail managers today and tomorrow in an effort to avert a national postal strike.

The union is balloting 160,000 workers on whether to walk out in protest at an offer said by Royal Mail to be worth 14.5%, but which the CWU says is worth far less.