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July 08, 2013 AT 10:48 AM
Britain will push ahead with its biggest privatization in decades when it unveils plans for a $3.7 billion stock listing of state postal operator Royal Mail. A spokesman for the Business Innovation and Skills department handling the sale said it would be providing lawmakers with an update before parliament begins its summer recess. The decision to push ahead with privatization will be a blow to trade unions, which argue the sale will spark a decline in postal service provision.