Is this Government’s sell-off of Royal Mail the worst privatisation ever?
It’s certainly been a rotten deal for taxpayers and customers alike.
Right from the outset it was clear that the company has been flogged off far too cheaply. Government tried to pretend this wasn't the case but a cross-party committee of MPs has concluded that it was undervalued by at least £1billion.
Think of how many doctors, nurses, teachers or police that money could have employed.
It’s been even worse for customers. To fatten up Royal Mail for privatisation the Government jacked up stamp prices. Under David Cameron the cost of a first class stamp risen by an astonishing 50% - from 41p to 62p. I know many people who don’t send Christmas cards now because it’s just too expensive.
Now the newly privatised Royal Mail has announced that it is axing later collection times in almost half of its post boxes. This will mean your post is more likely to be delayed and to have to stay in the post box over night.
Tax payers have been ripped off. Customers are paying more and getting a worse service.
I suspect it’s only a matter of time before we see staff suffering too, whether in terms of job cuts or poorer terms and conditions.
The only people who have done well out this - as usual - are the investment bankers who ran rings around the Government and made a quick buck out of the deal.