BT Cut 15 000 Jobs Royal Mail Finally Profit
Published / Last Updated on 15/05/2009
BT Cut 15,000 Jobs, Royal Mail Finally Profit
British Telecom has confirmed that it will make 15,000 redundancies in the UK following an annual loss of £134m.
This compares to Royal Mail which has made some dramatic price increases and changes to the postal system in the last year and has finally made a profit after 20 years of losses.
BT said that is had made significant losses in dealing with large companies as well as having to fund a huge pension deficit of over £0.5bn.
This compares to Royal Mail making profits of over £300m but there are still concerns over Royal Mail’s pension deficit at nearly £7bn which is why speculation has been rife because the UK Government is seeking external investment or a takeover and unfounded rumours of Royal Mail ‘going under’.
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