RMCtv : CEO Simon Thompson has exchanged further letters with the CWU's Dave Ward this evening. You can read Simon's latest letter here, with talks planned tomorrow in front of Acas.

[Corey]

This losing money rhetoric drives me insane, Simon the same staff on their current term as and conditions made the company millions of pounds in profit last year , the thing that’s changed now that Covid has finished is that you want to carry on making millions of pounds of profit and the only idea you and your board have,is not to come up with innovative new products but to take the money off of the people who made you those millions.

I agree, it is infuriating. They're using the excess profits, from the pandemic, to claim the business is losing money. Just using the term 'losing £1m million a day' makes it sound like the business is operating in negative numbers. I don't think it is, as profits were £750 million or something, £1 million a day would mean they're losing £365 million a year. That's still £400 million profit, I think. Yet, I would reckon most people would say the business was in the red, if u asked them. I'm sure if my layman's point of view is wrong, it'll be corrected.

I think you’re a 100 % right , they’re are basing their whole future profit forecasts on something that was hopefully a once in a lifetime pandemic , it’s a bit like their non stop letters are down spiel , when do they take that date from , because when I started ( a long time ago ) you could get a whole walk in one bag on a bike .

[clashcityrocker]

I agree, it is infuriating. They're using the excess profits, from the pandemic, to claim the business is losing money. Just using the term 'losing £1m million a day' makes it sound like the business is operating in negative numbers. I don't think it is, as profits were £750 million or something, £1 million a day would mean they're losing £365 million a year. That's still £400 million profit, I think. Yet, I would reckon most people would say the business was in the red, if u asked them. I'm sure if my layman's point of view is wrong, it'll be corrected.

The £750 million profit was for the whole business not just RM. Royal Mail profits were inflated by the pandemic and by the Covid collections and deliveries. The £1 million loss/day was for the first 3 months of the financial year. That doesn't equate to a £365 million loss over the year because we make more money at other times of the year normally.

[Halfhappy]

I agree, it is infuriating. They're using the excess profits, from the pandemic, to claim the business is losing money. Just using the term 'losing £1m million a day' makes it sound like the business is operating in negative numbers. I don't think it is, as profits were £750 million or something, £1 million a day would mean they're losing £365 million a year. That's still £400 million profit, I think. Yet, I would reckon most people would say the business was in the red, if u asked them. I'm sure if my layman's point of view is wrong, it'll be corrected.

The £750 million profit was for the whole business not just RM. Royal Mail profits were inflated by the pandemic and by the Covid collections and deliveries. The £1 million loss/day was for the first 3 months of the financial year. That doesn't equate to a £365 million loss over the year because we make more money at other times of the year normally.

So, would that mean the £365 loss in an overestimate? I was going to mention the withdrawal of the cross-subsidy.

[clashcityrocker]

So, would that mean the £365 loss in an overestimate? I was going to mention the withdrawal of the cross-subsidy.

Yes because GLS are still on course to make a profit. (But as you state they no longer want to use GLS profits to subsidise RM.)
I don't know what the last estimate for RM (or Parcelforce) was (possibly break-even) but it will have been downgraded due to the ongoing IA.

Somewhere on here Ward is quoted as saying that ST told the shareholders the business will be bankrupt in January.

[Corey]

So, would that mean the £365 loss in an overestimate? I was going to mention the withdrawal of the cross-subsidy.

Yes because GLS are still on course to make a profit. (But as you state they no longer want to use GLS profits to subsidise RM.)
I don't know what the last estimate for RM (or Parcelforce) was (possibly break-even) but it will have been downgraded due to the ongoing IA.

Somewhere on here Ward is quoted as saying that ST told the shareholders the business will be bankrupt in January.

I think what shouldn’t go unsaid is that GLS was bought by Royal Mail , not the other way round , and long before we were privatised .

[walthmstowman]

So, would that mean the £365 loss in an overestimate? I was going to mention the withdrawal of the cross-subsidy.

Yes because GLS are still on course to make a profit. (But as you state they no longer want to use GLS profits to subsidise RM.)
I don't know what the last estimate for RM (or Parcelforce) was (possibly break-even) but it will have been downgraded due to the ongoing IA.

Somewhere on here Ward is quoted as saying that ST told the shareholders the business will be bankrupt in January.

Edit , No I think ST told the union the business could be bankrupt by January . If I understood it correctly he told the shareholders something different . The shareholders meeting should prove interesting

[enskied]

Let us all remember that Royal Mail was undersold by Tory/Lib coalition. They took our pension.
They the sold us down the river for at least a third of our true value.
Where did the money go?

Vince Cable... I wonder how he's sleeping.

[Acca Dacca]

Let us all remember that Royal Mail was undersold by Tory/Lib coalition. They took our pension.
They the sold us down the river for at least a third of our true value.
Where did the money go?

Vince Cable... I wonder how he's sleeping.

Dave Ward said that Cable had actually written to him saying he is supporting us

[Halfhappy]

Let us all remember that Royal Mail was undersold by Tory/Lib coalition. They took our pension.
They the sold us down the river for at least a third of our true value.
Where did the money go?

Vince Cable... I wonder how he's sleeping.

Dave Ward said that Cable had actually written to him saying he is supporting us

Yea, I remember hearing him say that too. It was when Ian Dale was trying to deflect the blame of privatisation from Cameron. Cable got the blame, then Dave mentioned the letter.

[enskied]

Let us all remember that Royal Mail was undersold by Tory/Lib coalition. They took our pension.
They the sold us down the river for at least a third of our true value.
Where did the money go?

Vince Cable... I wonder how he's sleeping.

Dave Ward said that Cable had actually written to him saying he is supporting us

Yea, I remember hearing him say that too. It was when Ian Dale was trying to deflect the blame of privatisation from Cameron. Cable got the blame, then Dave mentioned the letter.

And so he should be..after hanging his head in shame.
It was only about a year ago he bragged he was right to sell us off...because he believed Simon.

[walthmstowman]

Let us all remember that Royal Mail was undersold by Tory/Lib coalition. They took our pension.
They the sold us down the river for at least a third of our true value.
Where did the money go?

Vince Cable... I wonder how he's sleeping.

Dave Ward said that Cable had actually written to him saying he is supporting us

Yea, I remember hearing him say that too. It was when Ian Dale was trying to deflect the blame of privatisation from Cameron. Cable got the blame, then Dave mentioned the letter.

And so he should be..after hanging his head in shame.
It was only about a year ago he bragged he was right to sell us off...because he believed Simon.

The LibDems are nothing but yellow Tories . They are no friends of the working class.

[LouBarlow]

Let us all remember that Royal Mail was undersold by Tory/Lib coalition. They took our pension.
They the sold us down the river for at least a third of our true value.
Where did the money go?

Vince Cable... I wonder how he's sleeping.

Dave Ward said that Cable had actually written to him saying he is supporting us

Yea, I remember hearing him say that too. It was when Ian Dale was trying to deflect the blame of privatisation from Cameron. Cable got the blame, then Dave mentioned the letter.

And so he should be..after hanging his head in shame.
It was only about a year ago he bragged he was right to sell us off...because he believed Simon.

The LibDems are nothing but yellow Tories . They are no friends of the working class.

Nor are the current Labour Party.

[Cedar_Room]

I am no longer a Labour Party member & don’t particularly like KS but I sort of understand the game he is playing. If he veers too far to the Left he will be hammered ,a-la Corbyn,by the Tory biased press & the Cons themselves. Things may be changing with the state of the country & the absolute clusterfuck the Tories have got us into,but history tells us that,on the whole,the working class of this country do not want a socialist government- and as a self proclaimed ‘Lefty’ - I type that with a heavy heart…

[Halfhappy]

I am no longer a Labour Party member & don’t particularly like KS but I sort of understand the game he is playing. If he veers too far to the Left he will be hammered ,a-la Corbyn,by the Tory biased press & the Cons themselves. Things may be changing with the state of the country & the absolute clusterfuck the Tories have got us into,but history tells us that,on the whole,the working class of this country do not want a socialist government- and as a self proclaimed ‘Lefty’ - I type that with a heavy heart…

The irony, sorry I mean tragedy, is people are overwhelming in favour of socialist policies. There's just so much effort been put into demonising of the word 'Socialist", and it's proponents.

[Acca Dacca]

I am no longer a Labour Party member & don’t particularly like KS but I sort of understand the game he is playing. If he veers too far to the Left he will be hammered ,a-la Corbyn,by the Tory biased press & the Cons themselves. Things may be changing with the state of the country & the absolute clusterfuck the Tories have got us into,but history tells us that,on the whole,the working class of this country do not want a socialist government- and as a self proclaimed ‘Lefty’ - I type that with a heavy heart…

The irony, sorry I mean tragedy, is people are overwhelming in favour of socialist policies. There's just so much effort been put into demonising of the word 'Socialist", and it's proponents.

Too many working class people thinking they are middle class and better than those on the so called bottom ignorant to the fact they are a few empty pay cheques away from joining them