CEO and personal finance expert at Lendingexpert.co.uk David Beard said: ‘This is distressing news for employees of Royal Mail and their families.’
He went on: ‘Those who fear losing their jobs should hope for the best but prepare for the worst.
‘Now is the time to check what redundancy rights you have and dig out any income or mortgage protection policies you hold, just in case.
‘This announcement comes as a shock and seems like an odd time to cut staff numbers in the same month as Royal Mail was forced to apologise as customers experienced severe delays for deliveries.’