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Long-running talks between Royal Mail and the Communication Workers Union are on the brink of collapse, with the company’s board thought to have threatened to put the loss-making postal service – the regulated UK entity that delivers to every address in the country – into a form of administration if a deal cannot be agreed. A politically explosive move to declare the postal service insolvent is regarded by Royal Mail’s board as a last resort but has been raised with the union already. – Guardian
Private renters face paying an additional £1bn in gas and electricity bills because of delays in the introduction of new standards forcing landlords to make their properties more energy efficient. The government has been criticised for dragging its feet on enacting new proposals that would require landlords to improve properties to at least a C rating under the energy performance certificate (EPC) scheme. – Guardian
Andrew Bailey has blamed a wave of early retirement for forcing up interest rates and inflation as Britain battles the steepest price rises of any large rich country. The Governor of the Bank of England said that a sharp decline in the number of people in the workforce was “part of the reason why we have had to raise Bank Rate by as much as we have”. – Telegraph
A combined OneWeb and Eutelsat is set to list on the London Stock Exchange this year in a boost to the government’s attempts to secure more large tech listings. Sunil Bharti Mittal, the Indian billionaire telecoms tycoon and executive chairman of OneWeb, whose conglomerate rescued the satellites company three years ago alongside the British government, said a secondary listing was a commitment negotiated by ministers, as part of plans for OneWeb to merge with Eutelsat of France, that “we will deliver”. – The Times
Revenue at Inmarsat rose by 9 per cent last year to $1.47 billion, propelled by the satellite communications company’s aviation business as the travel industry opened up after the pandemic. Its earnings before interest, tax and other charges jumped by 15 per cent to $850 million in 2022, despite component shortages hitting the availability of satellite phones. – The Times
