In the next nine months, Britain would list a majority stake in the Royal Mail postal service on the stock market. Workers were promised to be given free shares as they strongly opposed privatization of the company. The said privatization is the biggest to occur in Britain in the last 20 years.
Royal Mail was founded by King Henry VIII in 1516. Analysts said that an initial public offering (IPO) for the majority stake of the company could raise GBP1 billion. This would be enough to help the country's stretched finances.
The government said that it would give around 150,000 shares to UK postal workers. It added that the said workers should remain with the company for three years to be able to get the free shares. Unions have threatened to strike action and argued that the privatization of the company could result to a decline in the working conditions of employees.
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