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Investing.com -- The Office of Communications (Ofcom), the U.K.’s communications regulator, outlined proposed changes to Royal Mail (LON:IDSI)’s obligations on Thursday, including reducing second-class deliveries and eliminating Saturday services.
The move is aimed at safeguarding the future of the postal service.
Under the proposed changes, second-class letters would be delivered on alternate weekdays, excluding Saturdays. However, first-class deliveries would continue to operate six days a week. Ofcom also suggested the price cap on second-class stamps should be maintained.
Additionally, the regulator established new delivery targets for Royal Mail.
Ofcom is aiming for 90% to 93% of first-class mail to be delivered the next day, and between 95% to 98.5% of second-class mail to be delivered within a three-day timeframe.
These changes are proposed to ensure the sustainability of the postal service in the U.K and if implemented successfully, they are expected to save Royal Mail between 250 million and 425 million pounds ($311.2 million-$529.1 million).
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