Britain is to privatize its national mail service the Royal Mail by offering part of the service on the London Stock Exchange this year.
Business Secretary Vince Cable said in an announcement in the House of Commons that the privatization will take place in the autumn
Å“The government’s decision on the sale is practical, it is logical, it is a commercial decision designed to put Royal Mail’s future on a long-term sustainable business. It is consistent with developments elsewhere in Europe,” he told MPs.
The Royal Mail employs 150,000 staff and delivers mail and parcels to all parts of the country.
The announcement was challenged by the Communication Workers Union (CWU), which represents 100,000 Royal Mail workers, and has been holding a wave of strike actions to halt the Royal Mailâ„¢s sale.
“Royal Mail is thriving in public ownership, increasing its profits, providing good quality services and decent jobs. We want it to remain that way,” CWU general secretary Billy Hayes said.
AMR/HE
Republished with permission from: Press TV