Top Stories
Royal Mail warns of FY loss if four days of strikes go ahead
Global Banking & Finance Review®
Company
(Reuters) -Royal Mail warned on Wednesday that it could post a loss in the UK for the full-year 2022-23, if four days of strike called by the Communications Workers Union (CWU) in August and September went ahead.
(Reuters) -Royal Mail warned on Wednesday that it could post a loss in the UK for the full-year 2022-23, if four days of strike called by the Communications Workers Union (CWU) in August and September went ahead.
The CWU, which represents more than a 100,000 Royal Mail postal workers, said British postal workers will hold the strike in protest over pay on Aug. 26 and 31 as well as Sept. 8 and 9.
Tuesday’s strike announcement is the latest industrial action in the country as workers demand wage rises to cope with soaring inflation at a time when Britain faces its worst cost-of-living crisis in decades.
The centuries-old Royal Mail, which saw a parcel boom during the pandemic, now also faces challenges to its business due to a slowdown in the UK economy, ebbing consumer demand, and sky-high inflation.
The company said it has contingency plans in place and will be working hard to minimise disruption and restore normal service as soon as possible.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It indicates how much more expensive a set of goods and services has become over a certain period, usually a year.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly. It often leads to a loss of confidence in the financial system, causing widespread economic disruption.
Business investment involves the purchase of goods and services by businesses to enhance their operations, including capital expenditures on equipment, facilities, and technology aimed at increasing productivity and profitability.
Explore more articles in the Top Stories category
