International Distribution Services (IDS), the former Royal Mail, offered figures yesterday. They were predictably appalling. But since the number of letters posted per annum has declined over the last ten years from 20 billion to 7 billion. what else would one expect?
That is not all: thanks to the inherent unreliability and slowness of postal communications, the former important Royal Mail feature, the delivery of cheques by any channel, has virtually ceased. And yet some idiots in HMG insist upon a the six day delivery service where there is no demand for such an arrangement and even if there were there would be no chance of an economic performance.
Needless to add, socialists who must be whetting their lips at the prospect of bankrupting the country as quickly as possible when they take over in a year’s time are calling for yet further nationalisation. For some reason, the integrity of which entirely escapes me, society has to buy in all the issued capital of IDS. Obviously such a move will be a disaster but for current holders of IDS it will be an unearned bonus. The reason is that socialists spending other people’s money never care how they spend it. And they will overpay for IDS. IDS is therefore a strong hold at 240p.
When Harold Wilson’s Labour Party took over in 1964 it nationalised steel companies. Without exception everything went wrong, draining the exchequer of cash which could have been much more wisely held in abeyance or used elsewhere.
It might be different this time. But I doubt it. The Labour front bench is peopled with plagiarists and poseurs, whose nature has yet to be exposed.
God help us.