Reports and Campaigns

spotAbout the Socialist Party

spotAnti-capitalism

spotAnti-privatisation

spotAnti-war

spotElection campaigns

spotEnvironment

spotHealth

spotSocialist women

spotWorkplace

spotYouth and Students

All keywords


Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Public Services keywords:

Anti-austerity (206)

Anti-cuts (242)

Data loss (1)

Defend public services (22)

HMRC (54)

Public sector (403)

Public sector trade unions (4)

Public services (191)

Public-sector (106)


Reports and campaigns:

Anti-capitalism (1222)

Anti-fascist (559)

Anti-racism (696)

Anti-war (1481)

Asylum (208)

Black and Asian (387)

Children (364)

CNWP (108)

Corporate crime (2)

Disability (200)

Education (3855)

Election campaigns (2424)

Environment (598)

EU (443)

Finance (98)

Food (267)

Health and safety (33)

Health and welfare (303)

Housing (1012)

Human Rights (371)

LGBT Pride (140)

Local government (2148)

Local services (3624)

Low pay (499)

Migration (54)

Nationalisation (142)

New workers party (465)

NHS (1814)

Pensions (696)

Post Office (221)

Poverty (562)

Privatisation (1003)

Public Services (1113)

Socialism (850)

Socialist (42)

Sport (194)

Stop the slaughter of Tamils (88)

Students (1790)

The state (1350)

Transport (535)

TUSC (997)

Welfare rights (705)

Women (746)

Workplace and TU campaigns (8180)

Youth (1933)

Related websites

Youth Fight For Jobs

Trade Unionist and Socialist Coalition

National Shop Stewards Network

Tamil Solidarity


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 949, 17 May 2017: Kick out the Tories! For a Corbyn-led government

Search site for keywords: Royal Mail - Government - Public ownership - Privatisation - CWU - Labour - Economy - Jeremy Corbyn - Margaret Thatcher - Public sector

Support Corbyn's call to renationalise Royal Mail

CWU strike 2009, photo Paul Mattsson

CWU strike 2009, photo Paul Mattsson   (Click to enlarge)

Carl Harper, CWU member (personal capacity)

Privatising Royal Mail was a privatisation too far for Margaret Thatcher. So how did it come to pass that 499 years of public ownership ended in 2015 with the remaining 30% of shares being floated on the London Stock Exchange, following the majority being sold two years earlier?

The Postal Services Act 2011, which paved the way for privatisation, was introduced by the Tory and Lib Dem Coalition.

The government claimed that selling off the public service would raise the necessary funds through private capital to 'modernise' the business. Then chancellor George Osbourne had committed to public sector spending cuts to meet his deficit-reduction targets, meaning that any necessary investment certainly wouldn't be provided by the state. The government rushed through a 3.3 billion firesale.

The 'creation' of a million private sector jobs in 'rebalancing the economy' which the government regularly boasted about, undoubtedly included the 170,000 Royal Mail employees who were shifted from the public to the private sector virtually overnight.

Opposition

As a Communication Workers Union (CWU) activist I remember being surprised and frustrated at how the union leadership was seemingly caught flat-footed by the sale. Only a "consultative ballot" was held, finding 96% of workers were opposed to the sale, joining 70% of the public. But not a single day of strike action was held to fight it.

The sale grossly defrauded the public. Royal Mail was valued at up to 10 billion by American bank JP Morgan - three times the eventual float figure. CitiBank valued it at 7.3 billion and Deutsche Bank between 6.4 and 6.9 billion.

The government decided to float the company on a share price of 330p. Within a week the share price had broken the 500p mark, an increase of nearly 50%, making the market valuation a whopping 1.7 billion higher than the government's sale price. The public has continued to be robbed of billions of pounds.

I'm therefore obviously delighted with Jeremy Corbyn's announcement that his Labour government would renationalise Royal Mail. The case is strong, has the support of the majority of the public and with the correct programme of development could prove to be hugely beneficial in the first steps towards a genuinely modernised telecommunications and postal industry. Royal Mail has always been, and will continue to be, profitable in public ownership.






Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Related links:

Royal Mail:

triangleCWU fights court attempt to stop national strike

triangleSet for national strike action

triangleCWU strike ballot to win 'Four Pillars'

triangleEscalate summer strike wave into coordinated action to defeat the pay cap

triangleCWU strike ballot - why I'm voting Yes

Government:

triangleThe end of the Tories?

triangleNasty party imploding...drive out the Tories

triangleJoin the Orgreave Halloween rally

triangleThe fight against racial discrimination is tied to fighting against capitalist austerity

Public ownership:

triangleBoeing bust-up threatens thousands of skilled jobs

triangleBus safety: we won't be distracted from public ownership

triangleHurricane Harvey: A tragedy made far worse by capitalism

Privatisation:

triangleNHS meltdown - fight the Tory cuts

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

CWU:

triangleCWU members prepare for industrial action at Royal Mail

Labour:

triangleSwansea Socialist Party: Mother Jones - A US labour pioneer

Economy:

triangleCapitalism and human progress

Jeremy Corbyn:

triangleThe Tories must be driven out

Margaret Thatcher:

triangleWho's watching who?: The fight for justice, trade union and democratic rights

Public sector:

triangleSurrey County Council staff on collision course over pay freeze