| Unions have condemned today’s floatation of Royal Mail after shares rocketed up by 38% within hours of the sell-off. CWU general secretary Billy Hayes said: “The massive jump in the share price confirms that the government and its expensive city advisors got the pricing structure wrong and have undervalued this treasured national institution. The taxpayer has lost out immediately and we all now face an uncertain future for our postal services which will be run for profit instead of public service. “Privatisation is about greed. I think Vince Cable is one of the cleverest men in the government, but he’s made one of the stupidest mistakes in politics on privatising Royal Mail. “Shares will make no scintilla of difference to postal workers who are far more concerned about their jobs. We expect our members will vote to protect their terms and conditions in our strike ballot next week. It’s more important than ever to get protections for jobs security and terms and conditions under privatisation. CWU won’t stand idly by; whoever owns the company will have to deal with us and the workforce.” TUC general secretary Frances O’Grady said: “Privatising Royal Mail has become little different from selling five pound notes for four quid. No one can be blamed for wanting a share of that, but let’s not forget that this has taken something that belonged to all of us and given a large slice away for free to those who could afford an entry ticket. And everyone knows that in the long run the postal service will get worse, just as other privatised industries have ended up abusing markets and ripping off consumers.” Postal workers early this morning protested outside the London Stock Exchange, dressed as robbers with swag bags represented how private investors are being allowed to steal public assets, while others wearing Cameron, Osborne and Cable masks firmly pointed where the blame laid. CWU is holding a strike ballot on the issues of pay, job security and terms and conditions which are made more urgent by the privatisation of the company. The ballot closes on Wednesday, with the result announced the same day. - See more at: http://union-news.co.uk/2013/10/update-unions-condemn-royal-mail-sale-shares-rocket-38/#sthash.05p9yy09.dpuf |