Royal Mail sell-off unveiled
Business Secretary Vince Cable is announcing the flotation of Royal Mail which will mean people will be able to buy shares in the company. Members of the Communication Workers Union overwhelmingly oppose the scheme.
Business Secretary Vince Cable is announcing the flotation of Royal Mail which will mean people will be able to buy shares in the company. Members of the Communication Workers Union overwhelmingly oppose the scheme.
Chuka Umunna has outlined Labour opposition to the privatisation of Royal Mail.
Speaking in the Commons, he said: "Maintaining the Royal Mail in public ownership gives the tax payer an on-going direct interest in the maintenance of the universal postal service in this country.
"It helps safeguard the vital link the Royal Mail has with the Post Office and it ensures the tax-payer gets the share in the upside of modernisation and increased profits that Royal Mail delivers."
Royal Mail staff have accused the government of trying to "buy them off" over proposals to hand them free shares in the privatisation plan.
A plan to privatise the Royal Mail is the latest twist in its turbulent but distinguished history, which dates back to 1512.
Today the Business Secretary, Vince Cable will make the announcement that previous governments have not dared