Royal Mail staff are facing pay freezes as a direct result of the recession, it has emerged.
The 181,000 people employed by the company are the largest workforce to so far be affected by the downturn.
In a letter to union leaders, Jon Millidge, human resources director at Royal Mail, explained that "a very tight financial position" was the reason for the move.
He also made assurances that directors and managers at the company would also have their wages frozen.
Mr Millidge's letter continued: "The global economic turmoil has exacerbated the structural decline in postal markets in the UK and around the world, with the UK mail market now declining between eight to ten per cent compared to last year."
There was some positive news for jobseekers last week, as Carphone Warehouse announced plans to open new home electronics stores – creating up to 10,000 jobs.
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