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Her Maj would not be amused. But why doesn’t Royal Mail spin off its profitable GLS international parcels wing and dump the UK business into administration?
It could do one of those pre-pack thingamajigs that are all the rage. Just think, it could get shot of the loss-making UK letters business and its “universal service obligation”: the one that forces the posties to deliver six days a week, even to far-flung outposts where sheep outnumber people. And then it could buy back the UK parcels bit, the cardboard future built on internet shoppers. Hey presto — a parcels group going places. Do come to this column for free restructuring advice.
Anyway, what’s wrong with that plan? Well, maybe, that the Royal Mail executive chairman, Keith
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