The UK's postal service said it needs to take "immediate action" after profits before tax plunged 25% to £180million in the year to March. A further £300million is set to be axed in spending until 2022 to address the impact of coronavirus, which saw Saturday letter deliveries suspended temporarily to due to increased staff absences. "In recent years, our UK business has not adapted quickly enough to the changes in our marketplace of more parcels and fewer letters. Royal Mail said they would mainly affect central and support roles rather than "field operations" as it seeks to become a "leaner, more focused company". Royal Mail said that lockdown restrictions had led to a drop in business at Post Office branches and that it expected letter volumes to decline following the outbreak.

Source: Daily Mirror June 25, 2020 06:22 UTC