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UK taxpayers hit by Post Office pension fund deficit

The UK government has today been exposed to severe criticism regarding the pension fund deficit of the UK Post Office. As we have covered in recent times, the Royal Mail is currently up for sale despite a significant backlash from many Labour MPs and opposition parties. The idea is to sell a 30% stake to Dutch giant TNT for around £3 billion and then use the expertise of TNT to rebuild and refocus the business. However, there are concerns that TNT has gone cool of the original deal and is now expecting further access to the Royal Mail network.

It has been revealed that TNT is looking to control the General Logistics Systems (GLS) subsidiary which is a very profitable part of the Royal Mail network handling parcel deliveries around the world. Aside from the fact that TNT appears unwilling at this moment in time to pay £3 billion for a 30% stake in the business, the demand for further influence over GLS could scupper any deal in the short to medium term. However, the issue of the Royal Mail pension fund is ongoing and despite assurances from the government that the taxpayer's liability is around £6 billion, many experts believe it could be double this figure.

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