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Speculators, hedge funds and investment banks will grab the choice cuts of Royal Mail while the public is thrown scraps, MPs said yesterday, as the government announced there have been over 700,000 investor applications for postal service shares.
Business Secretary Vince Cable revealed the figures during a grilling from members of the business select committee amid concerns that the business, and some of its properties, was being undervalued.
Applications for Royal Mail shares from private investors have been up to seven times oversubscribed, Mr Cable said.
Royal Mail’s job quality has plummeted, with gruelling hours, two-tier pay, intense surveillance, and poor work-life balance for postal workers — but our union is fighting back, writes CWU branch secretary JOHN CARSON
