Closing summary: Royal Mail to make 'drastic cut' to second-class deliveries
Royal Mail’s plan to end daily second-class deliveries would be a “drastic cut” that would hit many small businesses, according to the Federation of Small Businesses, a lobby group.
However, the group also said that it was reasonable for Royal Mail to take an extra day for second-class letters, and that it was glad that the postal service, owned by parent compay International Distributions Services, had not pursued a plan to cut its six-day service for first-class letters.
Tina McKenzie, the FSB’s policy chair, said:
Taking the axe to daily deliveries for second class would be a drastic cut which would hit the many small businesses which rely on it, and will in all probability leave some with no choice but to fork out for first class.
However, Royal Mail’s concession to retain a six-day-a-week service for first class letters is a good step in the right direction, compared to its original dire proposal – voiced via Ofcom – to torpedo daily deliveries altogether.
You can read the full details of Royal Mail’s proposals here:
In other financial news today:
Eurozone inflation dropped to 2.4% in March, surprising economists and adding to the case for interest rate cuts sooner rather than later.
Tesla will look for sites to build a factory in India after securing a concession on tariffs from the country’s government, the Financial Times has reported.
Virgin Atlantic has said that expects to make a profit this year, after narrowing its losses during 2023 in the long aftermath of the coronavirus pandemic.
Network Rail is to spend nearly £3bn to protect the railway from the effects of the climate crisis and extreme weather.
Major European airlines have started to resume flights to and from Israel, with Wizz Air, easyJet and British Airways all now flying to Tel Aviv, and Virgin Atlantic planning a resumption later this year.
Donald Trump’s social media company Trump Media managed to go public last week only after it had been kept afloat in 2022 by emergency loans provided in part by a Russian-American businessman under scrutiny in a federal insider-trading and money-laundering investigation.
The US private sector added more jobs than expected in March, according to a payrolls company, in a sign of the strength of the world’s largest economy.
You can continue to read our live coverage from around the world:
In the UK, Rishi Sunak resists calls to halt arm sales to Israel
In the US, Trump leads Biden in six swing states, a new poll shows
In our coverage of the Russia-Ukraine war, a Ukrainian minister calls for more air defences
In our coverage of the Middle East crisis, the UN human rights council is to consider call for Israel arms embargo
In Taiwan, nine killed, more than 900 injured and dozens still trapped after strongest earthquake in 25 years
Thanks for following today. Please join me again tomorrow, bright and early, for more of the same. JJ
Wall Street’s main share indices have dipped at the opening bell on Wednesday after stronger-than-expected jobs data.
Signs of a stronger economy could persuade the Federal Reserve to delay interest rate cuts, which would usually help company earnings.
Here are the opening snaps (via Reuters):
S&P 500 DOWN 7.90 POINTS, OR 0.15 %, AT 5,197.91
NASDAQ DOWN 68.50 POINTS, OR 0.42 PERCENT, AT 16,171.95
DOW JONES DOWN 17.12 POINTS, OR 0.04 PERCENT, AT 39,153.12
