The further sell-off of the Royal Mail has been criticised today by North East MEP Jonathan Arnott.
The plans announced by George Osborne will see the Government sell the remaining 30% stake in Royal Mail leaving it owned by a mix of employees and private investors.
“I oppose the Royal Mail sell-off. It’s a natural monopoly and I firmly believe it should have always remained in public hands to safeguard its long-term future.” Said Mr Arnott.
“EU Postal services directives 97/67/EC and 2002/39/EC don’t help because they allow companies to compete with lucrative parts of business leaving Royal Mail with the expensive parts of delivering letters. I don’t want to see our 1st Class Royal Mail become a 2nd Class service” He added.
Royal Mail has already had to make huge changes to the way it operates in the last twelve months including the difficult decision to undertake huge cuts to try to remain profitable. This further sell-off makes the long term security of the Royal Mail even more uncertain.