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It has been reported that the profits of the Royal Mail has increased by manifold and in the coming time its profits would further increased as the cost of the first-class stamp has been proposed to be increased.
The Royal Mail has been given the opportunity to decide the charge of the first-class stamp, which is at the moment, is being sold on the charge of 46p.
Yesterday, the Royal Mail announced that its profits have increase to £171million, which means it is making a profit of about £940,000 every day.
The new postal regulator, Ofcom, has given the authority to the Royal Mail to decide the charges of the first-class stamp. However, the charges of the second-class stamp have been increased to 36p. The changes in the charges have been brought today only.
The surge in the price of second-class stamp highlights that in the coming time the charges for the second-class stamp would increase from 45p to 55p. A spokesman for the official pressure group Consumer Focus said, “Royal Mail is going through a major transformation, including modernization and operational changes, as well as changes to its regulatory regime”.
It has come to light that the government is planning to privatize the Royal Mail. The decision is being taken by the government while keeping in mind the fall of the demand of Royal Mail facilities. There has been a decline in the number of letters coming to Royal Mail for posting.
In 2005, about 80 million letters used to come to Royal Mail for posting however, now days only 50 million letters come to Royal Mail. It is estimated that in the coming future there would be a further decline. Moreover, there is also a shortage of employees in the Royal Post. In just 12 months, about 5,000 employees have left the Royal Mail.