Royal Mail pay and pensions deal reached

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A proposed deal has been agreed between the Royal Mail and union leaders on pay, pensions and other issues linked to the privatisation of the postal group.

The Communication Workers Union had been threatening industrial action, but held off calling strikes so talks could be held.

In a statement to the Stock Market, Royal Mail said an agreement had been made in principle with the CWU on pay, legal protections, industrial stability and pensions. The deal will need the approval of the union and Royal Mail Board.