Unions representing the staff members of the Royal Mail have urged the Sub-Postmasters in the country not to take part in the government efforts to attract investors in the privatisation of the mailing service.

The National Federation of Sub-Postmasters has said that the privatisation could lead to closure of several branches in the country. About a third of the income of sub-postmasters comes from the Royal Mail products and the union has warned that this income could vanish if the service is privatised. The post offices are expected to provide material explaining how the public will be able to buy the shares in the iconic mailing service.

The ministers are expecting to announce the details of the plans including a flotation of £2 billion-£3billion flotation on the London Stock Exchange. It is also believed that 10 per cent of the shares will be sold to the postal workers. The government will also encourage retail investors to acquire shares in the company.

The Communication Workers Union (CWU) representing the workers at the Royal Mail has decided to take their protest to banks in London against a decision to privatise the mailing service in the UK.

CWU will target the headquarters of UBS, Goldman Sachs and Merrill Lynch during its bus tour in London. The workers will hold protest outside he Business Department, Ofcom and offices of the Conservative and Liberal Democrat parties.