ONLY 368 POSTMEN REFUSE FREE STOCKS

ONLY 368 of the Royal Mail’s 150,000 staff are thought to have opted out of receiving free shares in the privatised company.

It comes in spite of the fact members of the Communication Workers Union are expected to back industrial action in the run up to Christmas over issues linked to the flotation.

The CWU said it had never told its members not to accept the shares, adding the figure did not mean members agreed with the privatisation.

Last night, a spokesman insisted the huge takeup of the shares by the workforce was entirely understandable.

He said: ‘Why would people on £19,000 a year [their basic salary] turn down free money?

‘It doesn’t show they are supportive of the privatisation and at the first chance they will get they will sell the shares.

‘The staff would not see this as supporting the company.’ It comes after Business Secretary Vince Cable warned Labour that its opposition to the sale was ‘irresponsible’, adding it was ‘dangerous’ to imply there was an easy bargain to be made.

Mr Cable’s Labour counterpart Chuka Umunna has urged the Government to pull the plug on the privatisation to prevent a ‘massive bonanza’ for City speculators at the expense of taxpayers.

But in a letter to Mr Umunna, Mr Cable said the Labour business spokesman was magnifying a small minority of views which take a ‘short-term view’ of the flotation.

Mr Cable added: ‘I also feel it is irresponsible to imply that a share offering looks significantly undervalued.

‘I think you should consider the risk that you may be influencing the decisions of retail investors. Equity investment always involves risk, particularly when the company in question is new to the market.’