Royal Mail share sale raises £750m
Chancellor George Osborne announced the move last night, when he said a further 1 per cent tranche of shares in the company would be given to employees.
It means staff including postal workers across Britain will share in a chunk of the company worth around £50m, adding to the 10 per cent awarded to employees when the coalition began the flotation of the then state-owned firm in 2013.
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Hide AdDepartment for Business, Innovation & Skills said today that the government had taken advantage of “current favourable market conditions” to halve its stake in Royal Mail.
Business Secretary Sajid Javid added: “Royal Mail has demonstrated that it can thrive in the private sector. It now has the ability to access the funds it needs to ensure that it has a sustainable future and can adapt to the changes in the postal market.”