Royal Mail revolution: British privatization.
Author | Mangu-Ward, Katherine |
Position | Citings - Brief article |
LATER THIS year, the British government is scheduled to privatize its 378-year-old postal service, the Royal Mail. The service is currently profitable, to the tune of about 403 million [pounds sterling] last year, but the last decade has been a mixed mailbag, including several years of large losses.
Current Royal Mail employees--about 150,000 of them--will be given 10 percent of the shares when the service goes public, a generous allotment. The general population will also be able to buy stakes in the mail company.
But the Communications Workers Union (CWU), which represents about two-thirds of Royal Mail employees, remains displeased, threatening strikes and service disruptions. "The principle that has secured the universal...
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