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Business Today
Business live
Regulator Ofcom calls for Royal Mail’s universal postal service to modernise
Live  
Regulator Ofcom calls for Royal Mail’s universal postal service to modernise
Manufacturing supply chains were impacted by longer wait times for container freight during January in the wake of the Red Sea crisis
Headlines
Royal Mail  
Firm could save £650m by moving to three-day-a-week service, says Ofcom
Firm could save £650m by moving to three-day-a-week service, says Ofcom
easyJet  
Airline says Middle East crisis has cost it more than £40m
Steel industry  
‘Hypocrisy’: Tata builds vast India furnace despite Port Talbot emissions claims
Drip pricing  
Fake reviews and hidden online charges to be banned under new rules
eBay  
Online retailer to lay off 1,000 workers, firm says in letter to employees
Nuclear power  
Hinkley Point C could be delayed to 2031 and cost up to £35bn, says EDF
Airline industry  
Nose wheel falls off Boeing 757 airliner waiting for takeoff
Meta  
Company has not done enough to safeguard children, whistleblower says
Artificial intelligence  
AI will make scam emails look genuine, UK cybersecurity agency warns
Tax  
Almost 4 million people yet to file UK return due on 31 January
Today's agenda
Royal Mail’s future is in the spotlight today, with UK communications regulator Ofcom expected to release the findings of its review into its universal service obligation (USO).

Currently, Royal Mail is legally obliged to deliver letters six days a week and parcels five days a week, for a fixed price, something the postal operator insists is unaffordable.

Ofcom’s review will outline various options for the future of the USO, reflecting changes in the postal market as letter volumes fall, and parcel demand rises thanks to online shopping.

Possible changes to the legal requirements of the British postal service could include changing its first and second class delivery targets (which it has strugggled to hit), or higher stamp prices.

It’s also possible Ofcom could recomment changing the current six-day USO, paving the way for the axing of letter deliveries on a Saturday.

That should please Royal Mail’s parent company, International Distributions Services, which warned last week that the six-day USO was ‘simply not sustainable‘.

But that would be controversial, not least with prime minister Rishi Sunak.

Earlier this week, Sunak’s spokesman said the PM “will not countenance” scrapping postal deliveries on Saturday, as they provide “flexibility and convenience” for customers and are “important for businesses and particularly publishers”.

Ofcom itself has said its review will set out evidence and options on “how the universal postal service might need to evolve to more closely meet consumer needs”.

They added:“We will be inviting views on this, not consulting on specific proposals.“It would ultimately be for the UK government and parliament to determine whether any changes are needed to the minimum requirements of the universal service.”

Also coming up
• 
7am: Ofcom expected to publish its review into the Royal Mail’s universal service
• 9am GMT: Eurozone flash PMI report into company growth in January

• 9.30am GMT: UK flash PMI report into company growth in January

• 11am GMT: CBI industrial trends survey of UK manufacturing

We’ll be tracking all the main events through the day …
Nils Pratley on finance
ExxonMobil’s attempt to silence activist investors should be a warning to shareholders
ExxonMobil’s attempt to silence activist investors should be a warning to shareholders
Media
Los Angeles Times  
Newspaper fires 115 journalists in ‘HR zoom webinar’ following union protests
Newspaper fires 115 journalists in ‘HR zoom webinar’ following union protests
BBC  
Radio 4’s News Quiz is ‘completely biased’, minister claims
Spotlight
How counting the pennies was rebranded as ‘loud budgeting’
Tight and proud  
How counting the pennies was rebranded as ‘loud budgeting’
Want to be fashionable? Talk about your spending limits, turn down costly invitations and always have a packed lunch. And yes, it’s much more fun if you’re rich
Popular on business
Royal Mail services may be about to change: how do other countries handle postal services?
Royal Mail services may be about to change: how do other countries handle postal services?
Jeremy Hunt has room for £20bn tax cuts after borrowing halves year on year
Online travel agent allows customers to filter out Boeing 737 Max planes
Train drivers call off extra strike days after LNER minimum service law U-turn
US authorities say more Boeing 737 planes should get checks after door plug blowout
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