Tag: Royal Mail

Postcomm consults on licence application for Mr Aaron Leitner (trading as Post 123) (UK)

Posted by | Feb 27, 2008 | |

Postcomm today began a 30-day consultation on the proposed grant of a postal operator’s licence to Mr Aaron Leitner (trading as Post 123).

Under the licensing framework that took effect from 1 January 2006, and was amended in January 2008, the licence would:

– allow Mr Leitner to provide all types of postal service;
– be issued for a rolling ten year period; and
– require the company to comply with copdes of practice on mail integrity (safety and security of the mail) and common operational procedures (designed to ensure the multi-operator market works well in practice).

The consultation notice and proposed licence can be found on the Post 123 consultation page.

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China’s currency sprints into the fast lane in UK Post Office bureaux de change to meet rocketing demand

Posted by | Feb 26, 2008 | |

Rocketing demand for the Chinese yuan suggests that China may be making the leap from a niche to a mainstream holiday destination, according to Post Office Travel Services.

In response, the UK’s largest provider of foreign currency is gearing up for the Olympic Games by making the yuan available on demand at its major bureaux de change branches.

Over the past three years Post Office bureaux de change across the UK have tracked a growth in sales for Chinese yuan of more than 337 per cent. This trend tallies with the experience of tour operators, who report a quadrupling of China bookings in the same period.

With the Beijing Olympic Games now less than six months away and interest in holidays to China reaching a peak, the Post Office expects demand to mushroom during 2008. It has responded by adding Chinese yuan to its top tier of currencies, available on demand in 1,400 Post Office® bureaux de change branches nationwide.

China also looks to be one of 2008’s better value destinations for UK holidaymakers. According to the Post Office, sterling’s drop in value of less than eight per cent against the Chinese yuan compares favourably with falls of over 13 per cent against the euro and other major currencies.

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Opinions over GBP 4.5m Royal Mail bonuses

Posted by | Feb 26, 2008 | |

Royal Mail bosses received more than GBP 4.5 million in bonuses last year – enough to prevent the closure of dozens of post offices.

Royal Mail accounts released yesterday show that Adam Crozier, the chief executive, was paid GBP 1.3 million in salaries and bonuses in the financial year 2006/07.

Overall, the company’s board received GBP 3.1million in “long-term incentive plans” on top of their GBP 4.1 million remuneration, of which GBP 2.5 million was salaries and the rest other bonuses.

The payouts prompted unions to ask why senior executives were getting such large bonuses while post offices were being closed and sub-postmasters were losing their jobs.

Earlier this week, Royal Mail announced a six-week consultation on plans to close 169 post offices in London by the summer. The move comes after a string of closures in rural areas.

Critics pointed out that the bonus figure was equivalent to a GBP 26,000 subsidy for each London branch facing closure.

Campaigners have said that depriving villages of rural post offices will cut a vital lifeline, particularly for elderly people.

But the Government says many offices are not profitable enough to justify a large subsidy from the taxpayer.

A spokesman for the Post Office said: “This is not simply about saving running costs – the problem facing Post Office branches is that there are too many chasing too few customers and too little income.”

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DX call for rebalancing of mail market in UK

Posted by | Feb 25, 2008 | |

DX Mail services has reminded Postcomm that the present VAT exemption enjoyed by Royal Mail makes the mail market in the UK somewhat unbalanced and since Postcomm has no powers to change this directly, it should consider ‘levelling the playing field upwards through the adoption of measures that positively discriminate in favour of new entrants’

DX argue that the VAT exemption status of Royal Mail means that rivals are at a disadvantage in comparison with RoyalMail, and TNT and UK Mail (who use Royal Mail for the final mile delivery) are able to take advantage of the recently introduced agency agreements to minimise VAT liability for their customers whereas DX has to apply VAT.

The European Commission sent formal requests to the UK, Germany and Sweden in 2006 with regard to VAT application on postal services and more recently TNT, the Dutch postal operator has raised concerns over VAT in Germany where Deutsche Poste AG also enjoys VAT exemption for 40 pct of its operations.

However, the German Economy Minister, Michael Glos, recently announced plans to restrict the VAT privalege, and the USO in Germany will in future by VAT free for competitors as well as Deutsche Poste.

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UK Post Office cuts mortgage rate – again!

Posted by | Feb 25, 2008 | |

The Post Office has made a further rate cut to its three year fixed rate mortgage taking it to 5.34 per cent, creating the best deal of its kind on the high street.

The mortgage combines not only a leading rate, but also one of the lowest arrangement fees currently available at just GBP 399, and can be taken on up to 95 per cent of a home’s value, giving Post Office customers a market leading deal. A lending fee of GBP 195 is payable at either the beginning or the end of the mortgage term.

Bucking the trend of the current market, this is the third cut to the Post Office’s fixed rate mortgage since its launch at the end of 2007:

• September 2007 launched with rate of 6.09 per cent
• November 2007 – 5.64 per cent
• January 2008 – 5.48 per cent
• February 2008 – 5.34 per cent

The three year fixed rate deal is part of a range of mortgages being trialled by the Post Office in selected branches in the North. Its early success has now led the Post Office to extend the trial to other branches across the UK.

Post Office has also cut rates on its three year fixed buy-to-let and self-certification mortgages from 5.99 to 5.79 per cent, also making its self-certification product the best deal of its kind available.

The mortgage trial, launched in September 2007, follows a succession of well-received financial product launches by the Post Office which is now the fastest growing financial services provider in the UK.

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