MPs voice fresh concern over controversial privatisation

[TrueBlueTerrier]

Royal Mail flotation: MPs voice fresh concern over controversial privatisation

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An Early Day Motion has been tabled in Parliament calling on the Coalition to review its decision

MPs have voiced fresh concern that the Government's controversial privatisation of the Royal Mail will be “highly lucrative” for speculators, hedge funds and investment banks rather than the public.

An Early Day Motion has been tabled in Parliament calling on the Coalition to review its decision, which has come under criticism from Labour and postal unions amid a scramble to buy shares.

The SDLP motion reads: "This House... is deeply concerned that the market pressures of privatisation will lead to the watering down of long held social compacts including the universal service obligation and the commitment to deliver six days a week; has reservations that the sell-off will be highly lucrative for speculators, hedge funds and investment banks rather than the public; and calls on the Government to review its decision and reassure the public that a fully functioning service will remain in place."

The development came ahead of an appearance before a select committee by Business Secretary Vince Cable, where he will be questioned about the privatisation.

Postal workers will stage a protest outside Parliament today ahead of the meeting, with activists dressing up as highway robbers, carrying banners saying: "The Great British Royal Mail Robbery."

The meeting will go ahead following the deadline for buying shares, at midnight last night, with conditional trading starting on Friday and full trading next Tuesday, a day before the result of a strike ballot by the Communication Workers Union.

CWU members are expected to back industrial action over issues linked to privatisation, with any strike set to be held on or after October 23 - the run-up to the busy Christmas period.

Mr Cable has warned Labour that its opposition to the sale was "irresponsible", adding it was "dangerous" to imply there was an easy bargain to be made.

He told his Labour counterpart Chuka Umunna that he was magnifying a small minority of views which take a "short-term view" of the flotation.

Mr Umunna said: "It's a dream for City speculators and hedge funds, but it's a nightmare for the taxpayer, who ultimately doesn't want this to happen anyway and is now being hugely short-changed."

Billy Hayes, general secretary of the CWU, said: "It's no surprise that the Government has sold the postal service cheap to its friends in the City.

"The public didn't want the service sold and will get a worse service as customers. Now they also know they are getting a bad deal as taxpayers too."

Mr Cable wrote to Mr Umunna, saying that value for money for the taxpayer was an "absolutely key consideration" and adding that Labour's line on the sell-off was "irresponsible".

Mr Umunna has urged the Government to pull the plug on the privatisation to prevent a "massive bonanza" for City speculators.

[Lounge Lizard]

Stable door, horse, bolted.

[UnhappyGremlin]

Stable door, horse, bolted.

Yes.
Many have been campaigning for some time (months at least) for more debates and new votes to be held. No result.
Then, just as the company is sold, pretty much beyond any redemption, MP's 'voice concerns'.

It's a bit like deciding against having children whilst the wife is in the maternity ward breast feeding your first born.