Martin Seidenberg, chief executive of International Distribution Services, stated, "We are seeing quite a significant burden from the national insurance increase." This highlights the direct impact of rising costs on the company’s finances.
Seidenberg warned that Labour's Budget would hit Royal Mail 'harder compared to our competitors,' indicating that the company faces unique challenges that could affect its market position.
The effect of the employer's national insurance hike has resulted in a £134 million write down and has stopped Royal Mail from returning profits over the past six months.
When asked about potential job losses, Seidenberg emphasized it is 'too early to say,' yet acknowledged they cannot rule out this possibility, indicating cautious management.
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