Royal Mail has cautioned customers over possible further price hikes and revealed plans to ramp up cost-cutting as it looks to tackle soaring inflation pressures.
The group said it was facing "significant headwinds" from higher wage demands, and surging energy and fuel costs. It said it will need to go further with cost savings, increasing its target to more than £350 million from around £290 million previously.
Royal Mail insisted it was not planning further job losses to meet the new target, having in January already announced about 700 management jobs would go as part of already announced cost-cutting aims.
