Government Dumps Remaining Royal Mail Shares and Pockets £591m

By Gary Cutlack on at

The UK's postal service is now fully private following 2013's partial privatisation, with the government banking an extra £591m from selling its final 13 per cent chunk of the company -- for an equivalent price of 455p a share.

This means the nation's money bank has been boosted by a total of £3.3bn from the Royal Mail privatisation, a controversially low price given the size and scale of the operation and its vast bank of existing property. The government says the money will be used to reduce the national debt, and that 12 per cent of the postal service, thanks to granting share options to employees, is now owned by its workers. [Gov]