Royal Mail float this morning

ROYAL Mail will this morning take the first formal step towards ending its 497 year stint as an arm of the British state and confirm that it intends to float on the London Stock Exchange.

But unions are promising strike action to disrupt the flotation, which could see the company be valued at £3bn when it goes public next month. Today’s announcement is likely to set out how many shares will be available to ordinary members of the public and the intended free float.