The world’s oldest postal service will be sold off in “coming weeks,” according to the latest reports in the U.K. press. The British government came under renewed criticism on Thursday after Business Secretary Vince Cable confirmed that officials are preparing to launch one of the biggest privatization schemes of the past decade.
“The government is taking action to secure a healthy future for the company,” Cable told the U.K. Independent newspaper. “These measures will help ensure the long-term sustainability of the six days a week, one price goes anywhere universal postal service.”
In accordance with the proposed float, the Royal Mail’s 150,000 employees will receive shares worth 10% of the company, reports the Daily Telegraph. The nation’s Communication Workers Union are expected to launch a ballot next week calling for an industrial action.