Jeremy Corbyn pledges to end Royal Mail 'rip off' after Labour analysis shows company paid £800m in dividends over four years

Jeremy Corbyn has hit out at the Royal Mail

Jeremy Corbyn has hit out at the Royal Mail

Tuesday, October 17, 2017

Jeremy Corbyn has pledged to end what he describes as the "rip off" being perpetrated by the postal service.

The Labour leader was responding to his party's own report on the Royal Mail, which claims shareholders have been paid £800m in the past four years.

Labour's analysis points out that the Royal Mail has also reduced the number of postal workers and delivery officers while cutting pension schemes.

In response to the report, Corbyn said: “Labour will end this rip off, bring Royal Mail back into public ownership and run it in the interests of the many, not the few.” 

The report was also blasted by Dave Ward, general secretary of the Communication Workers Union, who told the Daily Mirror: “A massive £500,000 a day paid in dividends to mainly hedge funds and city shareholders will sicken the public.

“This money should have been used to modernise Royal Mail giving the public a first-class service alongside protecting post workers’ terms and conditions.

“At a time of school cuts, hospital closures and record use of food banks it is outrageous to see such an abuse of funds which should be in the public hands.”