Royal Mail owner says it cannot rule out job cuts after £120m Budget hit

Royal Mail owner IDS said it is facing a £120 million hit due to national insurance increases (Royal Mail/PA) - (PA Media)

The group behind Royal Mail has warned it cannot rule out job cuts or price hikes in the face of a £120 million hit from the autumn Budget national insurance changes.

Martin Seidenberg, chief executive of parent firm International Distribution Services (IDS), said measures from Rachel Reeves’ maiden Budget last month will “hit us harder compared to our competitors”.