What’s Mandelson’s excuse for Royal Mail privatisation now?

Royal Mail is in the black:

All four Royal Mail businesses were profitable in the nine months to Christmas last year, for the first time in almost 20 years.

Royal Mail Letters, the Post Office, Parcelforce Worldwide and the European parcels business GLS contributed to an operating profit of £255m.

That nine-month figure compares with £162m for the whole of the previous financial year.

The union says this proves no need for privatisation:

The Communication Workers Union said that the strong financial results proved that the company was thriving while modernising in full public ownership.

But general secretary Billy Hayes stressed: “Today’s financial results must not be seen as an invitation for any part sell-off but instead prove the viability and future sustainability of a wholly publicly owned modern Royal Mail.”