Labour Party to Enforce Kretinsky's Royal Mail Assurances

Britain's Labour Party plans to ensure Czech billionaire Daniel Kretinsky's assurances regarding Royal Mail are upheld if they win the upcoming general election. Kretinsky's EP Group, which is acquiring Royal Mail's parent company for £3.6 billion, has included employee benefit provisions in the deal. Labour aims to enforce these provisions.

Britain's main opposition Labour Party will ensure that assurances given by Czech billionaire Daniel Kretinsky concerning Royal Mail are adhered to if the party wins the July general election, it said on Wednesday.

Kretinsky's investment vehicle EP Group, which has agreed a 3.6 billion pound ($4.6 billion) deal for Royal Mail's parent company International Distributions Services, had included provisions concerning employee benefits, among other things, as part of the takeover.

"These assurances are welcome that Royal Mail will retain its British identity and safeguard its workforce with no compulsory redundancies. Labour in government will ensure these are adhered to," the party said in a statement. ($1 = 0.7836 pounds)