Royal Mail staff to get 10% of privatised shares

Royal Mail workers will be offered at least 10% of the company’s business shares if it is privatised. Business secretary Vince Cable made the admission during his speech at the Liberal Democrat party conference in Liverpool.

Cable said the engagement and participation of the Royal Mail’s staff is crucial to the business’ next chapter.

“That is why our legislation will include a specific provision to make available at least 10% of the shares in Royal Mail to employees, as part of the privatisation process,” Cable said. “This is a once in a generation chance to transform the culture at Royal Mail – energising everyone and allowing employers and employees to share in the company’s future success.”

However, the proposal was labelled ‘patronising’ by a Union leader.

Responding to Vince Cable’s announcement, Communication Workers Union general secretary, Billy Hayes said: “Any offer of shares to employees is deeply patronising for people who have invested their working lives in this public service.

“The British public currently owns 100% of Royal Mail and now 90% is to be sold off to the banks and financial institutions that have created Britain’s current financial crisis.”

In the recent YouGov poll, 63% of Liberal Democrat voters were opposed to privatisation of Royal Mail.