Post boxes could become a thing of the past if Royal Mail is privatised, it has been claimed.

A report from mirror.co.uk has suggested that private owners of Royal Mail would be keen to slash running costs and that post boxes would be amongst the most likely services to be scrapped to achieve this. This is because the rate of stamped mail being dealt with by Royal Mail has dramatically declined in recent years.

The report suggests that Ofcom regulations, which state that 98 per cent of British homes must be within half a mile of a post box, could be loosened.

Shadow business secretary Chuka Umunna thinks it would be a real shame if post boxes were made redundant.

In an interview with londonlovesbusiness.co.uk, she said: “We know that the delivery offices people rely on could be sold off, but now the historic and much-loved pillar box is being put at risk too.

“The classic red pillar box is a feature of virtually every city, town, village and hamlet across the country, is an instantly-recognisable British icon known across the globe.”

The government has reportedly received more than 700,000 applications for shares in Royal Mail. More details about the floatation are expected to be announced on Friday.

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