Royal Mail flotation: Thousands cash in as shares soar 38% on first day
Leaving aside the obscenity of selling off publicly owned assets to speculators,hedge funds, finance institutions and other friends in the city, the "Great Mail Robbery" demonstrates how government duplicity can ensure that many people can be hoodwinked into believing that privatisation is "good for the tax payer and good for Britain".
No matter what Vince Cable may say during his television interviews on the subject, the sale price of the Royal Mail has, more by design than accident, been discounted by at least 30% thus making the offer more attractive to the speculators and losing British tax payers almost £650 million. The surge in the price level, within minutes of the opening of the stock markets, is indicative of an undervalued business being snapped up by mercenary speculators seeking to make a quick return on their financial outlay.
In the medium term of course, the workers in Royal Mail will find that their conditions of work will be radically altered., that is of course for those workers who will not be made redundant in the inevitable purge on employee numbers in the name of "reducing costs".
Contrary to all the Condem coalition enthusiasm, the eagerness of the markets and the general euphoria of the media, the privatisation of Royal Mail was a black day for the tax payer, a black day for the industry and a black day for all those people who work for a company which has been publicly owned for almost 500 years.