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Royal Mail delivers a spin with a purpose

Thousands of pounds are being spent to tell us how pleased we should be that Royal Mail's service has markedly changed over the last 10 years.

Huge losses in the quality of service and even bigger hikes in what we pay.

The big bosses have done their job and are eager to be out of it before those exotic pay offs can look too silly.

Having convinced the Government that Royal Mail is now worthy of a float, with which to reward its servants for their loyal service, Royal Mail will be allowed to sell off to its employees a large part of the business, for them to become amateur small-time capitalists.

They will have a chance to become shareholders in a hugely profitable giant corporation.

Very soon, Royal Mail will markedly change again and given a surreptitious warning of a downturn, the share holders will sell-out with a modest profit to keep them onside. Many thousands will lose their stake as the crash comes.

Royal Mail, having its immortality guaranteed by the Government's tax payers, will be bailed out. The top executives of Royal Mail will orchestrate a recovery with taxpayers' money and take billions of pounds in bonuses for failing. That is the essential part of the whole scenario.

We saw this happen with British Rail, which we are supposed to forget. We shall see it happen with Manchester United. It is the very ugliest face of capitalism, which derives from capitalism's new Socialist format.