Royal Mail privatisation bill unveiled by Vince Cable

Mr Cable also announced that the Post Office network, which is not included in the sell-off, may be converted into a mutual ownership structure, external, and promised there would be no further closures of Post Office outlets.

“It seems to me that the Post Office is ideally suited to a John Lewis or Co-operative Group style structure, where employees, sub-postmasters and communities get a greater say in how the company is run,” he said.

John Lewis is owned by its employees, who are granted “partner” status and a stake in the company in order to encourage employee loyalty and service quality.

He said that the Co-operative UK had already been asked to put together a proposal for how mutualisation could be done.

“This would be the Big Society in action,” added the Liberal Democrat, endorsing the Conservative party’s slogan for greater community participation in government services.

However, the Co-operative’s head – Ed Mayo – cautioned that building a membership-base and culture for mutual ownership would take time.

“For those who want to see a thriving network of post offices in communities across the UK, what we need now is patience, goodwill and open minds,” added Mr Mayo.