SourceThe Business Secretary says the Government will sell a majority stake in Royal Mail in the current financial year, with 10 per cent of the stock going in to a share scheme for eligible Royal Mail employees.
Up to 150,000 Royal Mail staff are to be handed thousands of pounds in free shares as part of a controversial privatisation, it was announced today.
Business Secretary Vince Cable said 10 per cent of the new company would be gifted to employees under the £3 billion sell-off, which will begin over the next year.
"These shares will be free to eligible employees, recognising that many of them would otherwise find them unaffordable," he told MPs in a statement.
Mr Cable said the final proportion of Royal Mail to be sold would depend on market conditions, although it would be a majority stake.
The shares will be available to the general public as well as institutional investors under the terms of the initial public offering (IPO).
Vince Cable announces Royal Mail privatisation
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EnterpriseSovereign
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Vince Cable announces Royal Mail privatisation
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Crazedwraith
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Re: Vince Cable announces Royal Mail privatisation
Oh this is going to end well.
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EnterpriseSovereign
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Re: Vince Cable announces Royal Mail privatisation
Oh? There was public infrastructure left in UK? The City and the shareholders will take care of that.
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bobalot
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Re: Vince Cable announces Royal Mail privatisation
It will go as well as the Rail Privatisation...
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EnterpriseSovereign
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Re: Vince Cable announces Royal Mail privatisation
Some quarters are actually calling for it to be renationalised 
To be fair, the government has announced some long-overdue investment in the rail network. Flipside of that is that it's going to drive fare prices even higher to fund it.
To be fair, the government has announced some long-overdue investment in the rail network. Flipside of that is that it's going to drive fare prices even higher to fund it.
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Minischoles
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Re: Vince Cable announces Royal Mail privatisation
It'll go through whatever the Union does - even if they're on strike as the company is floated on the stock market.
Too many city boys and their public school boy chums are wanting this for it not to go through - they're determined to flog it for whatever money they can make.
Too many city boys and their public school boy chums are wanting this for it not to go through - they're determined to flog it for whatever money they can make.
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Re: Vince Cable announces Royal Mail privatisation
Brilliant. After this, we're down to pensions, army and the NHS. Care to place bets gentlemen?
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Re: Vince Cable announces Royal Mail privatisation
Put me down for a tenner on All Three.
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Lord Pounder
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Re: Vince Cable announces Royal Mail privatisation
I hear Cameron is planning to outsource the Army to the A-Team.madd0ct0r wrote:Brilliant. After this, we're down to pensions, army and the NHS. Care to place bets gentlemen?
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Re: Vince Cable announces Royal Mail privatisation
If he can find them.
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