Naturally the CWU is opposed to the governments plan, which it has described as "politically motivated" – an interesting assessment given that the previous Labour government accepted all of the recommendations in Hooper’s first report.

Still, while the history of losses and disasterous industrial relations will not exactly intice prospective buyers, they are not the biggest barrier to the government’s plan.

Cable has cited falling mail volumes, low investment, a lack of efficiency and the dire £10bn pension deficit as reasons for the sale. An injection of private-sector capital could complete the ongoing modernisation programme that is needed to make Royal Mail more efficient, while the taxpayer would take on the liabilities for the pension scheme, thereby removing a significant barrier to future success.

However, the biggest problem that Royal Mail faces is in the sector’s regulation, which under Labour was horribly skewed in favour of new commercial entrants, enabling them to seize the lion’s share of the downstream access market, leaving Royal Mail to bear the cost of the universal service obligation.

Hooper has proposed shifting regulation from Postcomm to Ofcom, although there has been no recommendation given as yet for changes to the current competition system, which is widely regarded as having hamstrung Royal Mail. Until such proposals are manifest, the likelihood of tempting any would-be investors is nil.

It will certainly be interesting to see how the situation progresses over the coming weeks and months as, if the government can sort out the regulatory mess and successfully complete the proposed privatisation, then the improved competition from a leaner, meaner and hungrier Royal Mail can only be a boon for the direct mail sector.