Vince Cable sets out Royal Mail flotation plans

Business Secretary Vince Cable has made a statement in the House of Commons regarding the government's plans to float shares in Royal Mail on the stock market.

Under the proposals, 10% of the shares would be given to employees, a move the government says will create the largest employee share scheme in 30 years.

Mr Cable said Royal Mail would remain the UK's universal postal service provider, and that the Post Office would remain a publically owned institution.