Posts Tagged ‘Royal Mail’

Royal Mail fire sale costs taxpayer £1.4 billion

by Grahame Morris.

The Royal Mail served the nation for over 500 years; however a Government fire sale not only privatised this prize asset but also short changed the public. Last week, the National Audit Office (NAO) delivered a damning report showing that the Government’s rush to privatise the Royal Mail cost the taxpayer £1.4 billion.

Royal Mail: deliberately underpriced to give profiteers a maximum return

by Michael Meacher.

The truth is now slowly emerging about the Osborne/Cable disastrously mishandled Royal Mail sale. No less a bank than JP Morgan, arguably (until its recent fall from grace) the world’s top investment banker, told ministers before the flotation that the company should be valued at £10bn, three times the price finally settled on by the […]

Hedge fund control of Co-op Bank & Royal Mail should never be allowed to happen

by Michael Meacher.

On Tuesday two US hedge funds took control of the Co-operative Bank and in effect ended its 170-year history as Britain’s largest mutual. Yesterday an aggressive hedge fund, deceptively entitled The Children’s Investment (TCI) Fund, acquired the largest stake behind the government in the Royal Mail. It is led by a man known for his […]

As Tories privatise the post, Labour must expose where the market has failed

by Michael Meacher.

The imminent privatisation of Royal Mail once again draws attention to the deficiencies and failures of private markets. It is going to cost the country £12bn as the deficit on the Royal Mail pension fund is dumped on taxpayers. The underpricing of the sale will also cost the country at least a further £1bn, the […]

How Labour could still save the Royal Mail from privatisation

by Conrad Landin.

It was all quite a shock. On Friday, as the government announced that potential shareholders in the privatised Royal Mail were already lined up, campaigners were pre-occupied with the ballot for an anti-sell off postal workers strike. A strike that will now come after the post has been privatised, if the government has its way. […]

The politics of Royal Mail privatisation

by Phil Burton-Cartledge.

It’s looking like they will really do it this time. Where the blessed Margaret feared to tread, and New Labour ignominiously failed, our merry coalition of Liberal Democrats and Conservatives in the process of privatising Royal Mail. Wheeled out to defend a policy that is conspicuously unpopular, Michael Fallon says this is about liberating Royal Mail, of […]

Strike ballot for Royal Mail workers

by Newsdesk.

The Communication Workers Union (CWU) representing postal workers, has announced it will ballot for a national postal strike this month, if current ongoing talks with Royal Mail do not bring agreement. CWU is planning for ballot papers to go out on 20 September to 125,000 Royal Mail workers in what would be the first national […]

Labour front bench takes the fight to Royal Mail privatisation

by Conrad Landin.

For those of us who constantly despair over the Labour front bench’s failure to fight back against this government’s disastrous neo-liberal programme, today offers a glimmer of hope. The shadow cabinet are opposing a privatisation programme with more than vague platitudes – and initiating a campaign to save Royal Mail from the profiteers and asset-strippers. […]

Labour must pledge to renationalise Royal Mail along with water, rail, energy and banks

by Michael Meacher.

The only argument that the Tories have put forward to justify the privatisation of Royal Mail, apart from their ideological absolutism against any role for the State, is that it will increase efficiency by allowing it to operate freely within a private market. But that argument is bogus. First, operating within a private market under […]

Eighty per cent want public ownership option

by Newsdesk.

A new poll finds 80% of the public think there should always be a public sector bid when a public service is contracted out. The public rejects default privatisation by 10:1. The poll was carried out by Survation and commissioned by We Own It, a new organisation committed to “Public services for people not profit” which launches today with […]

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