This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-33089751

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Osborne says half of Royal Mail stake to be sold Government sells half of its remaining Royal Mail shares
(about 9 hours later)
The government will sell half of its remaining shares in Royal Mail, and give a further stake to employees, Chancellor George Osborne has said. The government has sold half of its remaining 30% stake in Royal Mail, raising another £750m for the Exchequer.
Postal workers will share a 1% stake in the company worth about £50m in addition to the 10% given to them when the government started its sell-off in 2013. Postal workers will receive a 1% stake in the company worth about £50m, in addition to the 10% given to them when the government started its sell-off in 2013.
This sale of a 15% stake will be made to institutional investors such as pension funds. The remaining shares will be sold to institutional investors, such as pension funds.
The move has been criticised by Labour.The move has been criticised by Labour.
In his annual Mansion House speech in the City of London, Mr Osborne said: "We want to help the Royal Mail attract more investment and serve its customers, and use the money we raise in return to pay down the national debt."In his annual Mansion House speech in the City of London, Mr Osborne said: "We want to help the Royal Mail attract more investment and serve its customers, and use the money we raise in return to pay down the national debt."
"And we're also going to make sure that there is a special bonus for the workforce who have done such a great job turning Royal Mail around."And we're also going to make sure that there is a special bonus for the workforce who have done such a great job turning Royal Mail around.
"Thanks to them, Royal Mail's share price has risen, so we're going to give more of the shares to the staff.""Thanks to them, Royal Mail's share price has risen, so we're going to give more of the shares to the staff."
But shadow business secretary Chuka Umunna MP said: "It's disgraceful the government is rushing to dump its stake in Royal Mail to City speculators without giving ordinary investors a look-in."But shadow business secretary Chuka Umunna MP said: "It's disgraceful the government is rushing to dump its stake in Royal Mail to City speculators without giving ordinary investors a look-in."
Last month, Royal Mail reported an increase in full-year profits as cost cuts helped the company in a "challenging" market.Last month, Royal Mail reported an increase in full-year profits as cost cuts helped the company in a "challenging" market.
It reported £740m in annual adjusted operating profit before transformation costs, up 6% from a year earlier.It reported £740m in annual adjusted operating profit before transformation costs, up 6% from a year earlier.
Revenues in the year to 29 March were barely changed at £9.4bn.Revenues in the year to 29 March were barely changed at £9.4bn.
UK parcel volumes grew by 3%, although revenues from its parcels business rose by just 1%. Letter volumes fell by 4%, with revenues from letters down 1%.UK parcel volumes grew by 3%, although revenues from its parcels business rose by just 1%. Letter volumes fell by 4%, with revenues from letters down 1%.