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By Live Commentary

Updated: 07:59 GMT, 13 November 2023

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Royal Mail, BAE Systems, British Land, Phoenix Group and Heathrow Airport. Read the Monday 13 November Business Live blog below.

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Royal Mail’s IDS fined over delivery failures

Britain’s communications watchdog has slapped Royal Mail owner International Distribution Services with a £5.6million fine over failures to meet delivery targets over the last year.

Ofcom said in May it was probing the company over its failure to meet delivery targets in for the year to end-March, 2023.

Ian Strawhorne, Ofcom director of enforcement, said: ‘Royal Mail’s role in our lives carries huge responsibility and we know from our research that customers value reliability and consistency.

‘Clearly, the pandemic had a significant impact on Royal Mail’s operations in previous years. But we warned the company it could no longer use that as an excuse, and it just hasn’t got things back on track since.

‘The company’s let consumers down, and today’s fine should act as a wake-up call – it must take its responsibilities more seriously. We’ll continue to hold Royal Mail to account to make sure it improves service levels.’

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BUSINESS LIVE: Royal Mail’s IDS fined over delivery failures; BAE Systems sales jump; British Land rents soar



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