State Benefits and Tax Credits 2015 – A trade union guide to in-work entitlements

State Benefits and Tax Credits 2015 – A trade union guide to in-work entitlements

 

The Labour Research Department has published the booklet ‘State Benefits and Tax Credits 2015’. The booklet is not intended to be a definitive guide to state benefits but will enable union reps to access the current benefit rates and basic rules for qualification in order to indicate to members whether or not they are eligible to apply for them.

 

Recent research by the TUC showed that tax credits and benefits play a crucial role in lifting low paid workers out of poverty, particularly the more than five million workers across the UK who earn less than the living wage. Many low paid workers are unaware of their benefit entitlements; as such it is important for reps to be aware of the latest reforms to enable them to give accurate initial advice.

 

The 88 page booklet costs £9.75 for a single copy but LRD affiliates can make savings by ordering multiple copies at special rates. These discounts are outlined in the attached order form. It is also possible to order through the LRD’s website here.

 

Any further enquiries regarding this LTB should be addressed to the General Secretary’s Office at gsoffice@cwu.org quoting the reference GS15.6/LTB 248/15.

 

Yours sincerely

 

W HAYES

General Secretary

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A trade union guide to in-work entitlements

The State of the Unions: union membership and union recognition

The State of the Unions: union membership and union recognition

 

Please find attached a report on union membership by Professor Gregor Gall of the University of Bradford. The report looks at union membership from 1997-2014, looking at both the overall number and the figure for individual unions.

 

The report also looks at what has happened to the other manifestation of union health, this being, the extent to which unions are winning new union recognition agreements from employers. Gaining new union recognition agreements indicates success in recruiting new members on previously non-union sites.

 

Any further enquiries regarding this LTB should be addressed to the General Secretary’s Office at gsoffice@cwu.org quoting the reference GS18.13/LTB 247/15.

 

Yours sincerely

 

W HAYES

General Secretary

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247-15 The State of the Unions union membership and union recognition

National UCU Demo to defend Lifelong Learning Saturday 25th April

National UCU Demo to defend Lifelong Learning Saturday 25th April

 

The UCU have called a national demonstration on Saturday the 25th of April to defend lifelong learning. The demo was called after the government announced a 24% cut in funding to adult education.

 

The demonstration will assemble at 12:30, Kings College, Strand, London, WC2R 2LS and will march to Downing Street. More information can be found in the attached flyer.

 

It is possible to sign the petition to stop the cuts to Further Education in England here. An early day motion (EDM851) highlighting concerns of the funding cut was tabled in March receiving 63 signatures. Further information on the campaign can be found through www.fefunding.org.uk

 

Any further enquiries regarding this LTB should be addressed to the General Secretary’s Office at gsoffice@cwu.org quoting the reference GS17.4 / LTB241/15.

 

 

Yours sincerely

 

 

W HAYES

General Secretary

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Demo Flyer

TO ALL BRANCHES WITH POSTAL MEMBERS Pension Salary Exchange (PSE) – (Important Information)

Pension Salary Exchange (PSE) – (Important Information)

 

The Government is introducing changes to UK pensions in April 2016 which will have the effect of increasing National Insurance Contributions for members of Defined Benefit Schemes including the Royal Mail Pension Plan (RMPP).

 

Please find attached a Joint Statement agreed between CWU, Unite and Royal Mail Group on the introduction of Pension Salary Exchange (PSE), designed to offset the impact of the above mentioned Government changes.  We have also attached an advance copy of a letter we are sending to members’ home addresses this week explaining Pensions Salary Exchange.

 

Background

 

Members of the Royal Mail Pension Plan (RMPP) are currently contracted out of the state second pension, which means that RMPP members and the company pay reduced National Insurance Contributions (NICs) on the relevant earnings.  In April 2016 the Government is introducing a new single tier state pension and ending contracting out for approved Defined Benefit Pension Schemes.  This will mean that from April 2016 members of RMPP will face an increase in their level of National Insurance Contribution. 

 

The union has been in discussion with Royal Mailthrough the pension policy committee (PPC) established as part of the Agenda for Growth Agreement, on a change to the way pension contributions are made which will reduce the impact of the increase in NICs for both RMPP members and the employer. 

 

How Pension Salary Exchange works

 

PSE will change the way pension contributions are made for members of the RMPP and the Royal Mail Defined Contribution Plan (RMDCP).  Members will no longer make a direct contribution to the pension scheme – instead their pay will be reduced by the amount of their pension contribution and the employer’s contribution to the pension scheme will increase by the same amount: 

• The total pension contribution is unchanged and there is no effect on pension benefits 
• Members save National Insurance contributions – this will reduce the effect of the increase in NICs for RMPP members in April and for RMDCP members will produce an increase in take home pay (RMDCP members pay a full National Insurance contribution at present and are therefore not affected by the changes which the Governmentis introducing in April 2016)
• This also has the effect of reducing the additional cost of National Insurance contributions for Royal Mail

PSE will have no effect on pension benefits or anything pay related (such as death in service payments). Pre exchange pay will be known as “basic weekly or monthly pay”. Pension accrual will be based on this amount, as will future pay rises, pay related allowances and overtime payments (where overtime is a multiplier of hourly rates).

 

About 86% of Defined Benefits schemes now operate on a similar basis.

 

Affect for Pension Plan Members

 

Changes to National Insurance Contributions take effect in April 2016 but the intention is to introduce PSE in late summer this year, before the NIC changes take place.  The immediate effect will be to increase take home pay for both RMPP and RMDCP members.  After April 2016, when the full rate of NICs become payable for members of the RMPP, PSE will reduce the effect of the increase in NICs for RMPP members. RMDCP members will continue to enjoy an increase in take home pay after April 2016. 

 

Savings for members of different schemes 

 

The examples below have been prepared by the union’s pension advisors First Actuarial and are based on before tax earnings of £24,000 a year.

 

Scheme / Member

Annual Saving

RMPP Section A/B

£156

RMPP Section C

£132

RMDCP 4% Contribution

£120

RMDCP 5% Contribution

£144

RMDCP 6% Contribution

£168

 

The above example shows the immediate savings. As a result of Government changes which will increase National Insurance contributions for RMPP members from April 2016, an RMPP Section B member earning £20,000 a year before tax is projected to have to pay additional level of NIC of £199 a year – introduction of PSE would reduce this to £55A Section B member earning £25,000 a year before tax would face an increase of £269 a year in NICs which would be reduced to £89.

 

Will PSE be automatic for everyone?

 

PSE will work on an opt out basis – anyone not wanting to change the way in which pension contributions are made will be able to choose to opt out before the scheme begins or at any time thereafter. 

 

Scheme members earning under £10,000 a year basic pay will not be eligible for PSE – this is to ensure that no one will lose out in terms of entitlement to certain income related benefits orthat pay after salary exchange falls below minimum wage. Royal Mail and CWU are continuing to discuss how this exemption would work in detail (some members might have a basic pay of less than £10,000 a year but their regular total earnings level might be significantly higher). Both parties would in principle wish to extend the savings from PSE to as many pension plan members as possible but at the same time want to ensure that appropriate safeguards are in place. 

 

Any member who is not eligible, or who opts out, will continue to pay contributions as they do now. 

 

Introduction of PSE

PSE will be introduced in late summer this year. Royal Mail is placing an insert in the Courier which is due out this week.  Both the company and the union are planning further communications closer to the launch date.  PSE is being introduced in Royal Mail Group.  The union will be holding discussions with other companies employing members of the Royal Mail Pension Plan with a view to extending these arrangements.

 

Summary

 

The introduction of Pension Salary Exchange is designed to offset the impact of unavoidable Government changes to UK pensions in April 2016, which will mean higher National Insurance Contributions for Employees and the Employer from April 2016.  There is no adverse impact from Pension Salary Exchange on the individual pension benefits and entitlements of CWU members.  There is no adverse impact from Pension Salary Exchange on any element of pay.

 

Please ensure the content of this LTB is circulated immediately to all CWU reps and our members in the workplace.  Any enquiries on the above LTBshould be addressed to the DGS (P) Department.  

 

Yours sincerely


Dave WardRay Ellis

Deputy General Secretary (P)Assistant Secretary

WORKERS MEMORIAL DAY

WORKERS MEMORIAL DAY

28TH APRIL 2015

Every day two people set out for work, say good bye to their families, never to return. 133 people were killed in accidents at work in 2013/14 and a further 770 in accidents connected with work while 80,000 workers suffered serious injuries, often life changing.

Over 1 million people are suffering from work related illnesses and thousands die every year from these diseases. In the 5th richest nation on earth it is unacceptable that so much suffering can be caused just from going to work. 

Health and Safety regulation is not “red tape” or “a millstone around employers’ necks” as the government claim. 27 million working days are lost each year due to workplace injuries and ill health costing society an estimated £14 billion. 

The trade unions believe that workplace health and safety legislation and enforcement should be increased not weakened. We go to work to earn a living not to die or be made ill.

CEREMONY AT CLARKSON MEMORIAL 

ASSEMBLE 11.45

MINUTE’S SILENCE AT 12 NOON

Speakers: Ken Rustidge NUT

              Mark Plum Unite

 

Wisbech, March & District TUC

Tools and Measurement Update

Tools and Measurement Update                                                                                                                                                                                                 

Following recent ADR briefings attended by members of the Outdoor Committee we are circulating for information purposes nationally agreed delivery tools updates.

Auto-IWT-Forecasting Tool

This will be switched on and available on the intranet from May 5th 2015. The DTFT (Delivery Traffic Forecasting Tool) will continue to be available for forecasting within resource meetings until this date. Even though the new system will be switched on from the 5th May units should not be using it until they have had their webinar training. In conjunction with this it has also been agreed that every office will validate their IWT base data and be signed off by the DOM and CWU Rep.  A national form is being produced to undertake this task which should be drafted for CWU agreement by the end of this week. Once agreed it will be circulated to Branches via LTB. The Auto IWT Forecasting Guidelines are attached which can be used during the webinar training.

ACST (Attendance Call Sampling Tool) + MIRA (Manual Interventions)

Work has been taking place to merge these 2 tools into one and is nearing completion. Branches will be notified in due course of any agreed changes.

Model Week Guidance v2

The 3 monthly model week updates for delivery units will be produced on the first week in April, first week in July, first week in October, and first week in January each year for CWU Reps and DOMs to review their duty structures within weekly resource meetings. This does not mean units will have to agree improved performance levels it will mean reviewing your agreed performance against the updated traffic figures.  Hopefully these dates will be easy to remember.

SPDOs

On the issue of SPDOs being included in Parent Office IWTs, we are currently in dialogue to see if we can jointly agree a solution. In line with this Paul Chapman will carry out a joint exercise with Royal Mail to compare the affect of including and excluding SPDOs in the IWT on the parent units performance and workload.

Any enquiries to Bob Gibson’s Office, quoting reference 230.03                                      Email address: hnutley@cwu.org or Mstewart@cwu.org

Yours sincerely

Bob Gibson

CWU Assistant Secretary – Outdoor

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Auto IWT Forecasting

Delivery Planning Value Maintenance Programme + National TOR

Delivery Planning Value Maintenance Programme + National TOR

Branches will be aware of the ongoing validation exercise of existing planning values used in delivery, which has been carried out using fully trained Industrial Engineers. The main reason for this is the ongoing efficiency review that is taking place on behalf of Ofcom the regulator and the purpose of this maintenance programme is to carry out checks on the national planning values, which are being used for product costing purposes and efficiency.

The Industrial Engineers will carry out work studies to collect data on the operational tasks, including measuring distances, times for tasks, container fills and other flows of work to ensure the Royal Mail figures used for traffic weighting and product costing is reliable and up to date. This current exercise is a maintenance exercise of existing PVs etc that were updated as a consequence of previous validation exercises, and will include at some point those currently being validated. A fair amount of this maintenance work will have no impact on our members or the operation whilst it is being carried out.

The maintenance will be a rolling programme of work and this current phase will continue through to 2016 when it is likely that there will be a further rolling programme agreed. The TOR will remain the same for the entire programme and it will only be the offices included in the programme that will change. These changes will be notified via a LTB.

We will have full access to all outputs/data generated and the CWU will be fully involved at all sites and at national level. The TOR for the programme and the initial list of sites to be included is attached (Annex A).

The maintenance has already commenced with our agreement but there was a mistake with some of the offices which have now been removed and is the reason for the timing of this document.

Any enquiries to Bob Gibson’s Office, quoting reference 230.03

Email address: hnutley@cwu.org or Mstewart@cwu.org

Yours sincerely

Bob Gibson

CWU Assistant Secretary

Terms of reference – Industrial Engineer Observations

Planning Values Maintenance  

 

Introduction

Industrial Engineers (IE’s) will be visiting a number of Delivery Offices between March 2015 and March 2016. (The initial list off offices is attached at annex A)

The purpose of this is to carry out checks on the national planning values which are being used for product costing purposes and efficiency. The industrial engineers will carry out work studies to collect data on the operational tasks, including measuring distances, times for tasks, container fills and other flows of work to ensure the Royal Mail figures used for traffic weighting and product costing is reliable.

This will enable Royal Mail to confirm that the approach taken by them is valid and that work measurement has been accredited by trained experts, which will help demonstrate to the regulator that products are priced appropriately relative to cost and that the operation is working efficiently. This is about maintaining the existing planning values and to identify if there is a need for new planning values due to operational changes. This underpins the work on regulatory and commercial pricing.

This activity may also involve filming, and employees will be asked in advance if they don’t mind, if they decline they will not be filmed. The information and data is primarily designed for national use.  Local feedback on the methods, layout, equipment etc. (not individuals), may be discussed with the DOM and the CWU representative where there are opportunities for improvement. Where this is the case then the full terms of existing national agreements, joint statement and guidelines will apply including the IR Framework.

This maintenance activity will be undertaken on an annual basis, with a 12 month rolling programme of maintenance work being discussed and agreed with CWU each year going forward.

Operation & Scope

Prior to the Industrial Engineers visiting an Office all employees will be briefed to make them aware of the visit and the purpose. That they are not being monitored as individuals, it is about working out what the workload is for different tasks/activities.

When the Industrial Engineer(s) arrive they will be met by the DOM who will introduce them to the CWU Representative and other managers where applicable. They will then be shown round the office to familiarise them with the layout and processes at the unit concerned.

All IE’s will wear Royal Mail ID and PPE appropriate to the work area at all times.

Examples of the things to be looked at include:-

  • Distances between work areas
  • Container fills, traffic flows and percentages
  • Times to carry out all associated tasks

All observations will be made on compliant processes and, the Industrial Engineers will be issued with a checklist of common non-compliances that might save time, which needs to be included in the time allowed to do the job to the required method and standards. People should follow the Standard Operating Procedures and Safe System of Work and that is what will be observed and accounted for. Checklists are being provided to the IEs in case some people do cut corners so that the results are not distorted.

This is not about checking the performance of individuals against standards or assessing the performance of units against standards or other units. This is about assessing how long the task takes, not how well individuals are working.

Involvement

Local CWU reps will be invited to observe Industrial Engineers carrying out their work and to also ask questions. Adequate release will be provided for this to be done.

All information/data will be shared with the CWU during and following the exercise.

During and following the maintenance work there will be a joint review and  the information/data will be jointly analysed to see what affect if any this may have on current standards, which may in turn require further discussions about the use and application of the information/data.

P Bates

Signed………………………………………………..                Signed………………………………………………………..

Royal Mail                                                      CWU

Date 08th April 2015

Delivery Offices PV Validation Exercise

The list below is the offices that they want to sample the frequency data; box fills, clearance data, etc

New Cross                          Lewisham

Coventry South                  Retford

Leicester Central                Burslem

Kidsgrove                           Sheffield N

Burton on Trent                Bromsgrove

Manor Park                                 Rotherham

Sutton Coldfield                  Congleton

Sheffield SE                       Derby

Stafford                           Southwark

Swadlincote                                Lichfield

Rugby

Delivery Outdoor Planning Value Validation Exercise – National TOR- Phase 2

Delivery Outdoor Planning Value Validation Exercise – National TOR- Phase 2

Further to LTB 675/14 and the outdoor planning value exercise, we have agreed to carry out further validation on the outdoor elements of delivery (phase 2) using fully trained Industrial Engineers. The agreed TOR, which is basically the same as the TOR used for the initial outdoor validation is attached.

The main reason for this remains the same as the initial outdoor validation exercise which is due to the efficiency review that continues to take place on behalf of Ofcom the regulator.

There were a number of studies carried out on delivery including some that did not exist when planning values on outdoor work were originally established, these are mainly the trolleys, CDVs, PDAs and Delivery to Neighbour which we need to establish a planning value for as it is becoming more and more prevalent in the drive for first time delivery and we need appropriate time allocated to delivery routes for this to be carried out. The initial study did not gather enough information for reliable PVs to be used and some had a fairly wide discrepancy and are therefore not suitable.

The objective of the exercise is to provide more reliable and accurate reporting. We have requested the filming of some elements of outdoor work so that they can be used as a reference point and to be able to demonstrate how the outdoor elements should be carried out. Filming will only take place where the person due to be filmed agrees.

We will have full access to all information/data generated and the CWU will be involved at all sites and at national level. The list of sites to be included is attached (Annex A).

The exercise is due to commence this month.

Any enquiries to Bob Gibson’s Office, quoting reference 230.03

Email address: hnutley@cwu.org or Mstewart@cwu.org

Yours sincerely

Bob Gibson

CWU Assistant Secretary

National Terms of Reference – Industrial Engineer Observations

Delivery Office Planning Values Validation – Outdoor Phase 2

 

Introduction

Industrial Engineers (IE’s) will be visiting a number of Delivery Offices during April & May 2015 (The proposed list of offices is attached at annex A)

The purpose of this exercise is to carry out checks on the outdoor national planning values which are being used for product costing purposes and efficiency measures. The industrial engineers will carry out work studies across all aspects of outdoor delivery work, across a range of delivery types – Town / Rural / Firm / Shared Van / HCT.

This exercise is a follow on from the Outdoor studies undertaken in November last year, and will enable Royal Mail to confirm that the approach taken by them is valid and that work measurement has been accredited by trained experts, which in turn will help demonstrate to the regulator that products are priced appropriately relative to cost and that the operation is working efficiently.

This is not necessarily about producing revised planning values; it is about validating the existing ones and to also identify if there is a need for new planning values due to operational changes, although tasks such as Delivery to Neighbour and collection on delivery, which have not been subjected to this type of measurement before, will have time values established. This underpins the work on regulatory and commercial pricing.

This study should not be seen as, and is not, a walk testing exercise. Data for each individual delivery gathered during the study will not be published, but will instead be amalgamated with similar data from other units across the country to derive a National value for each task.

The information and data is primarily designed for national use.  Local feedback on certain aspects of the study (not individuals’ performance), may be discussed with the DOM and the CWU representative where there are issues or opportunities for improvement. Where this is the case then the full terms of existing national agreements, joint statement and guidelines will apply including the IR Framework.

Operation & Scope

Prior to the Industrial Engineers visiting an office all employees will be briefed to make them aware of the visit and the purpose. That they are not being monitored as individuals, it is about working out what the workload is for different tasks/activities.

When the Industrial Engineer arrives they will be met by the DOM who will introduce them to the CWU Representative and other managers where applicable. The CWU Representative and DOM will be asked to nominate deliveries that will fulfil the needs of the study.

The IE will be introduced to the nominated individual performing the delivery, and will outline the details and methodology of the study.

All IEs will wear Royal Mail ID and PPE appropriate to outdoor delivery at all times.

 

Examples of the things to be looked at include:-

  • Successful / unsuccessful attendance calls (Town / Rural / Firms)
  • Delivery To Neighbour
  • Start / End of loop activity
  • Collections on delivery
  • Associated HCT work
  • Return to office activity

All observations will be made on processes compliant with agreed Standard Operating Procedures and Safe Systems of Work. The Industrial Engineers will be issued with a checklist of these common standards to ensure the correct methods are studied. Individuals will be made aware of the Standard Operating Procedures for each activity. People should follow the Standard Operating Procedures and Safe System of Work at all times and that is what will be observed and accounted for. Checklists are being provided to the IEs in case some people do cut corners so that the results are not distorted.

This is not about checking the performance of individuals against standards or assessing the performance of units against standards or other units. This is about assessing how long the task takes, not how well individuals are working.

Note: Elements of the observations will be filmed as a reference point both to support the SMVs that are produced and to potentially support training & induction as well as future WTLL briefings on delivery processes and safe working methods.

Involvement

As with the indoor studies, IEs will spend time with the Local CWU reps to talk through the study in detail.

Local CWU reps will be asked to work with the DOM to nominate deliveries that will meet the needs of the studies

All information/data will be shared with the CWU during and following the exercise.

Following the exercise there will be a joint review and  the information/data will be jointly analysed to see what affect if any this may have on current standards, which may in turn require further discussions about the use and application of the information/data. This will take place prior to any sharing with the regulator, or any changes to the current tools used for the purpose of delivery revisions.

P Bates

Signed………………………………………………..                Signed………………………………………………………..

Royal Mail                                                     CWU

Date 08th April 2015

Annex A

 

Outdoor Planning Value Validation Exercise – Phase 2

The IEs will contact the units well before hand to make arrangements.

Cambridge

Huntingdon

Bury St Edmunds

Dumfries

Penrith

Warwick

Coventry South

Leicester Central

Sheffield West (S10)

Worksop

Stafford

Crewe

Kidsgrove

Wolverhampton

SE1 Mandela Way

Royal Mail To Deliver Pay Rise To CEO Greene

The board of Royal Mail is drawing up secret plans to hand an inflation-busting pay rise to Moya Greene, its chief executive, just weeks after next month’s General Election.

Sky News has learnt that directors of the privatised postal services group have been discussing the move to boost Ms Greene’s salary ahead of the publication of its annual report, which is expected in June.

Insiders said on Tuesday that a final decision about the pay increase had not yet been taken, and that formal consultations with leading shareholders, including the Government, which holds a 30% stake in Royal Mail, were still to take place.

They added, however, that it was “likely” that Ms Greene would be awarded an increase to her £498,000 base salary of approximately 5%.

The increase, they said, would be lower than a 9% three-year pay deal for staff agreed between Royal Mail and the Communication Workers’ Union in December 2013, just three months after the company’s controversial £3.3bn privatisation.

Play video “Royal Mail Boss Issues Post Warning”


That agreement was designed to provide stability for industrial relations at Royal Mail even as Ms Greene wrestled with the twin challenges of increased competition for declining letter volumes and a changing regulatory framework.

It was unclear on Tuesday whether Royal Mail would seek the formal consent of the Government to hand a pay increase to its chief executive, although one source said that directors were determined to retain Ms Greene and were prepared to resist any attempts to maintain her salary at current levels for a fifth successive year.

One source close to the company pointed to a £535,000 pay and bonus deal awarded to Britain’s new arms procurement chief as evidence that Whitehall was “prepared to pay commercial rates” to top executives.

In last year’s annual report, Orna Ni-Chionna, the non-executive director who chairs Royal Mail’s remuneration committee, wrote: “We …decided to make no change of any sort to the potential remuneration of our Chief Executive, Moya Greene.

“In making that decision, we took account of her views and wishes.

“This means that her salary has remained the same each year since she joined our Company in July 2010 and her annual bonus and LTIP [long-term incentive plan] potential have remained the same since the current policy was introduced in 2011.”

Donald Brydon, who is to step down as Royal Mail’s chairman later this year, has previously said that Ms Greene’s status as “the lowest-paid chief executive in the FTSE-100” meant there was a greater risk of losing her.

Ms Greene, who ran Canada’s postal service before moving to the UK, is widely regarded as having performed strongly in steering the former state monopoly through an ongoing restructuring as well as its privatisation 18 months ago.

However, earlier moves to increase her pay, which some Royal Mail directors have pushed for, were hampered by a row with ministers over a £250,000 housing allowance which Ms Greene later volunteered to return.

Under reforms introduced by Vince Cable, the Business Secretary, shareholders now have a binding vote on the pay policies of listed companies.

Last year, talks between the company and Mr Cable’s officials over its pay plans continued until the eleventh hour, indicating that they had had significant difficulty reaching an agreement.

Mr Cable has also clashed with Ms Greene over regulatory changes to the postal industry, accusing her of “scaremongering” over warnings about the viability of the Universal Service Obligation, which requires Royal Mail to deliver to every UK address for the price of a stamp.

Part of the sensitivity in Whitehall over remuneration at Royal Mail stems from the repeated accusation that ministers allowed the company to be sold too cheaply.

In a report in December, Lord Myners, the former City Minister, said future state asset sales should be handled differently in order to preserve greater value for taxpayers.

Since the Government sold a 60% stake – with a further 10% handed to the company’s workforce – the shares have endured a rollercoaster ride.

An initial surge in their value saw them almost double during the three months after the flotation, but a combination of regulatory and competition issues have since weighed on the shares.

On Tuesday, they closed up 1.3% at 448p, giving the company a market value of nearly £4.5bn.

Royal Mail declined to comment.

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