The unnecessary and underpriced sale of Royal Mail illustrates the financialisation of our society

The sale of Royal Mail at a heavy discount has highlighted the increasing clout of the financial sector. At least five of the investment banks that served as advisers to the government were also allocated shares on behalf of their asset management divisions for distribution to clients. Meanwhile, Royal Mail is cutting jobs and increasing prices above and beyond what might be reasonable to ensure the sustainability of the postal service. These are now being done to raise profits for the private owners, writes Kate Bayliss.