Royal Mail's £500m overhaul

The major overhaul follows years of criticism and a significant fine from regulator Ofcom for failing to meet its universal service obligations.

Royal Mail stated that the new model is necessary to adapt to a market where letter volumes have plummeted while parcel demand continues to grow.

The company has pledged to meet new delivery targets by next May, with the investment focused on technology and modernizing its fleet.

Unions have expressed concern about the impact on jobs, while businesses worry about the reduction in service frequency.