Royal Mail Privatisation Plans To Be Unveiled

By Poppy Trowbridge, Business and Economics Correspondent

The Business Secretary will announce plans for one of the biggest UK privatisations in decades when he makes a statement on the future of the Royal Mail later.

Vince Cable will tell the House of Commons how the Government plans to sell off the 375-year-old postal operator.

It wants to sell stock in the company to market investors, which could see the company valued at around £2.5bn.

Moya Greene, chief executive of Royal Mail, has held talks with scores of potential investors in recent months in an attempt to persuade them to back the plans.

Many Royal Mail staff will be offered free shares in the company

She faces opposition from unions and many employees, who fear privatisation will lead to a shake-up of services and cuts.

Steve Butts, a Royal Mail staff member for the past 32 years, told Sky News: "I think privatisation will only bring a race to the bottom for employees.

"Any private investor would always want to make money and the way they are going to do that is to drive down our terms and conditions."

Mr Cable's announcement comes after Sky News revealed many of the Royal Mail's 150,000 staff will receive free shares worth as much as £300m as part of the privatisation.

The share sale would raise hundreds of millions of pounds that experts say could help modernise the mail system in Britain.

Robert Hammond, director of post and market analysis at Consumer Focus, told Sky News: "I would hope that a privatised Royal Mail would be looking to expand on their products and services, and to make those services ready for 21st century consumers."

Mr Cable is expected to deliver his statement after Prime Minister's Questions.

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