Profits for the rich, insecurity for workers

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A cross-party parliamentary committee has looked into the 2013 privatisation of the 60% of Royal Mail that was then in government hands. It criticised the sell-off as having been done 'too cheaply'. But, says Communication Workers Union (CWU) member Carl Harper, that only tells part of the story.
Cameron's Con-Dem government eagerly privatised the 497-year old national institution of Royal Mail, even when 70% of the public and 96% of workers opposed the sale.

The Con-Dems are ideologically committed to 'rebalancing' the economy, transferring 170,000 public sector workers to the private sector.

This fire sale, like other privatisations, was rushed through to make profits for wealthy private investors and faceless institutions - the Con-Dems' capitalist 'chums'.

The CWU said from the beginning that the taxpayer would lose out, both financially and in service losses, from privatisation. US bank JP Morgan valued Royal Mail at up to £10 billion - three times the float figure of £3.3 billion. The company's 330 pence share price rose over 50% in a month, losing the public billions of pounds.

CWU general secretary Billy Hayes called for Con-Dem minister Cable's resignation, demanding: "A full inquiry into the mishandling of this unnecessary privatisation" and calling for the Public Accounts Committee "to scrutinise how badly the taxpayer has been left out of pocket."

If profits [over £400million in the last financial year] had just been reinvested into Royal Mail and capital was accessed on the open market - as many companies do - Royal Mail could have kept providing services such as those for rural communities, elderly people, small businesses and the blind, as enjoyed under public ownership. Now its uncertain future will be based on profit margins, not services.

The media claims workers were given a percentage of the company through 'free shares' but we are far more concerned about jobs, terms, conditions and customer services than shares - which workers cannot sell for at least three years.

Workers turned the company round through extensive 'modernisation', but now fear that privateers aim to maximise their profits by minimising the value of jobs, terms and conditions.

The unions must still oppose the government's privatisation plans. We must also fight its impact on workers whose jobs were sold. CWU members voted for industrial action to support the union's demands for a legally binding agreement that protects members' interests and prevents a 'race to the bottom' across the sector.

Previous privatisations led to cuts in jobs, terms and conditions and in many cases failed overall. CWU members' robust attitude in past industrial conflicts will undoubtedly be needed to protect against a similar fate.

Con-Dem attacks on working class people and the unions, to protect the capitalist 1%, are unrelenting. Mass coordinated action is required. A political party representative of the 99% must lead the battle to protect pay, jobs, terms and conditions, and also the war to take back control from the greedy privateers!

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never a truer word been said , whether you are black or white , religious or not, left wing or right wing etc etc , if you are a wage slave , the attack on you is relentless . in a society , where in the history of mankind there has never been more wealth created it is saddening .