Royal Mail to be privatised says Vince Cable

Business secretary Vince Cable has announced plans to privatise up to 90 per cent of the Royal Mail and mutualise the nation's Post Offices.

He told Parliament that the government would not oppose a foreign company taking over the Royal Mail, although he said at least 10 per cent of shares in the company would be offered to staff.

Any sell-off would not take place until the end of next year he said as he outlined the government's Postal Services Bill.

Cable also said that the Post Office network, which is not included in the sell-off, could be mutualised - meaning that the branches will be owned by subpostmasters and employees and communities would have more say in how they were run.

Read a full report at BBC News. ·