FINANCE

As you might notice, I’m an official at the CWU, but I’m also a postman of over 30 years and a shareholder. Following on from that question, I do note from this year’s accounts the group has already paid – is it a £51 million fine after losing at the Court of Appeal, which has got the group close – well, only within £20 million of making a profit. Going forward, knowing that we’re under investigation by Ofcom – and you have quoted figures that are well below what Ofcom expect us to do – I take it that the board is making provision, should Ofcom proceed to fine us yet again in this year’s accounts, which would also then affect our results going forward. Compliance used to be the byword in the group a few years ago, and we need somewhat, from board level downwards, to get a grip on quality, as you say, because quality also has to go with efficiency. And there, the CWU, we do speak on both sides. We do recognise that in our current agreement, which, as you say, has gone through. However, unfortunately, while we can talk to Ofcom – you can even agree with the CWU or Unite that we need to change it – unfortunately, the regulation isn’t really regulation. It’s the law of the land, and only parliament can change it. Now, there’s a Queen’s speech in November. If they don’t put it in in November, you’re still looking at yet more than 12 months of a six-day USO, where the firm can potentially be fined, which will cost shareholders, employees and all of us in this room, and all the people represented in this room. So please be mindful it was £51 million. That was a case taken out by one of the competition. Now, where Ofcom choose to go regarding USO non-compliance is up to Ofcom, but please note that will also cost us, not just any actions of the CWU.

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Continue ReadingAs you might notice, I’m an official at the CWU, but I’m also a postman of over 30 years and a shareholder. Following on from that question, I do note from this year’s accounts the group has already paid – is it a £51 million fine after losing at the Court of Appeal, which has got the group close – well, only within £20 million of making a profit. Going forward, knowing that we’re under investigation by Ofcom – and you have quoted figures that are well below what Ofcom expect us to do – I take it that the board is making provision, should Ofcom proceed to fine us yet again in this year’s accounts, which would also then affect our results going forward. Compliance used to be the byword in the group a few years ago, and we need somewhat, from board level downwards, to get a grip on quality, as you say, because quality also has to go with efficiency. And there, the CWU, we do speak on both sides. We do recognise that in our current agreement, which, as you say, has gone through. However, unfortunately, while we can talk to Ofcom – you can even agree with the CWU or Unite that we need to change it – unfortunately, the regulation isn’t really regulation. It’s the law of the land, and only parliament can change it. Now, there’s a Queen’s speech in November. If they don’t put it in in November, you’re still looking at yet more than 12 months of a six-day USO, where the firm can potentially be fined, which will cost shareholders, employees and all of us in this room, and all the people represented in this room. So please be mindful it was £51 million. That was a case taken out by one of the competition. Now, where Ofcom choose to go regarding USO non-compliance is up to Ofcom, but please note that will also cost us, not just any actions of the CWU.