Labour fears for property in Royal Mail sale

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Labour has raised concerns that the Government’s “rush” to privatise the Royal Mail could lead to the organisation being sold “on the cheap”.

Shadow Business Secretary Chuka Umunna said the prospectus for the controversial sell-off outlines that Royal Mail operates from 2,000 sites across the UK including delivery and sorting offices.

He warned of fears that once the privatisation is complete these assets – many in prime locations – will be sold, giving a large windfall to investors, while taxpayers are “short changed”.

Customers could be left having to trek miles to inconveniently-sited delivery offices, he said.

The prospectus highlights three sites in London at Mount Pleasant, Nine Elms and Paddington as being “surplus”, with some reports saying they were worth between £500m and £1bn, said Labour, adding that the document failed to specify which sites could be sold of for how much.