Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Post Office minister exploring new ownership structures handing ownership to workers

by February 6, 2024
February 6, 2024
Post Office minister exploring new ownership structures handing ownership to workers

In a pivotal move for the future of the UK’s postal service, Kevin Hollinrake, the Post Office minister, is slated to engage in discussions regarding potential shifts in ownership structure.

As reported by Bloomberg, Hollinrake will convene with stakeholders this week to deliberate various options, prominently featuring the prospect of transitioning to a mutually-owned arrangement.

Among the attendees at this significant gathering will be union representatives and proponents of cooperative models, including Rose Marley, Chief Executive of Co-operatives UK. Notably, the Post Office itself will not be represented at this meeting.

Advocates of cooperative models, such as Marley, have been vocal in their support, emphasizing the societal benefits of businesses that prioritize the well-being of both their employees and the broader community. Marley articulated this viewpoint, stating, “The spotlight has fallen on the societal value of businesses and how they can be run in ways that profit the wider community, including their own staff, as well as profit the company balance sheet.”

The discussion around altering the ownership structure of the Post Office harks back to the Postal Services Act of 2011, which mandated complete public ownership. However, the possibility of mutualization was previously debated and dismissed. The potential shift towards a staff-owned model akin to mutual giant John Lewis would hinge on the Post Office’s financial viability.

These deliberations occur against the backdrop of the ongoing turmoil surrounding the Post Office, exacerbated by issues with Fujitsu’s Horizon software. This debacle resulted in wrongful convictions for numerous sub-postmasters and mistresses, with many still awaiting compensation or exoneration.

In response to the crisis, former Post Office chief Paula Vennells has been compelled to return her CBE, and an official inquiry continues, with Vennells and activist Alan Bates set to provide testimony in April. Additionally, Henry Staunton recently stepped down as Post Office chairman, a move endorsed by Business and Trade Secretary Kemi Badenoch, who cited the necessity for fresh leadership.

Addressing these challenges, a Post Office spokesperson underscored the commitment to rectifying past injustices, highlighting ongoing efforts to provide compensation and support to affected individuals. Despite progress, the road to resolution remains arduous, with the Post Office acknowledging the imperative of confronting and redressing the missteps of its history.

Read more:
Post Office minister exploring new ownership structures handing ownership to workers

0
FacebookTwitterGoogle +Pinterest
previous post
Londoners sink £25m party ship in new blow for capital’s night time economy
next post
Fintech leaders call for stricter AI regulation at Parliamentary summit

You may also like

Lords report urges shift beyond retail to revitalise...

November 28, 2024

Quarter of Brits would turn down dream job...

July 19, 2023

Scotland’s first producer of green chemicals launches crowdfunding...

May 15, 2024

Asda’s struggle under Issa brothers draws criticism from...

August 10, 2024

Chancellor’s statement on tax collection has no substance

November 22, 2023

Choosing the Perfect Wedding Photographer A Comprehensive Guide

June 28, 2024

Doubts grow over  release of long-awaited HBOS scandal...

October 28, 2024

Rachel Reeves’ China visit restores crucial links with...

January 12, 2025

How Important Is Business Insurance When You’re Just...

September 7, 2022

Key Regulatory Challenges for the UK iGaming Industry...

January 3, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025

    Categories

    • Business (8,154)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved