By Annette Mackin
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Tories set to sell off Royal Mail for billions

This article is over 8 years, 6 months old
Issue 2361
Royal Mail is under attack from Tories

Royal Mail is under attack from Tories (Pic: Freefoto on Flickr)


Tory business secretary Michael Fallon will this week announce the most devastating Royal Mail privatisation plans in decades.

Fallon will announce the “flotation” of state owned postal service. This means it will be listed on the stock market with a valuation of £2.5 billion.

It is the biggest sell-off of state owned institution since the railways were privatised 20 years ago.

The sell-off goes even further than Thatcher dared. 

Tories try to say that the move will benefit workers, claiming they will get 10 percent of the stock market shares.

But postal workers in the Communication and Workers Union (CWU) have slammed the sell-off.

The sale of Royal Mail will not mean more money in the pockets of post workers. 

It will break up the service, meaning job losses, worse terms and conditions and attacks on pensions.

In June, 96 percent of CWU members voted against privatisation.

Postal workers across Royal Mail are now preparing for a national strike ballot in September to fight back against the Tory sell-off of the post. 

 

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