MEP unhappy at Royal Mail floatation

Royal Mail

MEP Paul Nuttall has expressed sorrow at the floatation of Royal Mail on the stock market.

And he pointed out that EU legislation lies behind the privatisation of this iconic postal service.

"It is rarely mentioned in the media but three EU Postal Services Directives lie behind the destruction of the Royal Mail. UKIP opposed these which were implemented by Labour while in government.

"We have already warned this privatisation will lead to huge job losses and a looming pensions disaster. I believe it will really struggle to compete in the market place and the employees' shares will be worthless.

"Under EU state aid rules the UK Government is strictly forbidden from helping the Royal Mail with taxpayers’ money and helping plug the £9 billion pension pot deficit," said Mr Nuttall, UKIP deputy leader.

"This privatisation means we will be left with a completely destroyed Royal Mail, once a proud British institution that did so much more than just deliver letters. We can thank the EU for that.

"Meanwhile I am not at all comforted by government reassurances and fear that Royal Mail could well end up in foreign ownership. What a sad outcome for this historic business," he said.