POSTAL workers union leader Billy Hayes called the sell-off of the Royal Mail a scandal yesterday, as the privatised service celebrated its first anniversary.

The Communication Workers Union (CWU) general secretary said: “The botched privatisation of Royal Mail was a national scandal.”

“Not only did the public not want it, but it was an unnecessary and costly process that left taxpayers £1billion out of pocket.”

The sale of the British post was pushed by the coalition government, with shares priced at 330p. 

The ludicrously low figure proved a bonanza for profiteers and the the company is currently evaluated at 400p a share.

“We are already beginning to see the effects of the government’s ill-thought privatisation firsthand with the threat to the sustainability of the universal postal service,” continued Mr Hayes.

“It would be reckless for the government to sell its remaining 30 per cent shares in Royal Mail as it seems now to be one of the last few remaining long-term investors left.”

Mr Hayes also accused the 16 investors given priority in the purchasing of the Royal Mail of running off once profits were pocketed.