Belfast Telegraph

Mail will be privatised, says Cable

Heather saul

The Government came under fresh attack over its controversial plans for the Royal Mail as Business Secretary Vince Cable confirmed it will press ahead with privatising the service.

Mr Cable said an initial public offering (IPO) is expected in the coming weeks, describing the move as "an important day" for the Royal Mail and its employees.

The announcement came ahead of a meeting of Communication Workers Union officials to discuss plans for a strike ballot.

The union intends to ballot its members for strikes over pay, jobs and issues linked to privatisation.

Institutional investors and members of the public will be eligible to apply for the shares. Some 10% of shares will be allocated to Royal Mail employees and the public will be able to buy a minimum of £750 worth of shares.

Belfast Telegraph