Royal Mail 'undervalued by government's City mates'

Dave Ward, deputy secretary of the Communication Workers Union, said the continued inflation of Royal Mail shares show the 500-year-old institution was sold on the cheap, with the taxpayer losing "over a £1 billion" to the "government's city mates."

Communication Workers Union (CWU) members at the Mount Pleasant Royal Mail site have a mass meeting this morning.
Communication Workers Union (CWU) members at the Mount Pleasant Royal Mail site have a mass meeting this morning. Credit: CWU/PA

Ahead of the result of tomorrow's ballot for strike action, he said:

"The Royal Mail share price has soared further today, bringing more proof that the company was undervalued by the Government's City mates.

"The taxpayer has lost over £1 billion already in this bungled fire sale of a cherished national institution. Postal workers cannot trade their shares for three years and they are far more concerned about their jobs than the share price."

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Royal Mail share prices soar

Royal Mail shares have soared after trading officially began on the London Stock Exchange.