Philatelists the world over are familiar with the “Penny Black.” A little rectangle of paper to stick on envelopes, all black. No country name, just the unmistakable gray profile of Queen Victoria. In 1840, the Penny Black, the world’s first stamp, was born in the United Kingdom. And, by extension, a business model that would be replicated across the globe: Prepayment for postal services. It ensured the prosperity of England’s favorite public service, the Royal Mail. Even the Thatcherite obsession with nationalization in the 1980s and 1990s failed to reach this monument. The sale of the Royal Mail to Czech businessman Daniel Kretinsky, announced on Monday, December 16, marks the end of an era.
The new owner of the Casino Group in France is no stranger to the United Kingdom. He is already a shareholder in the Sainsbury’s supermarket chain and West Ham United football club. But to get his hands on the “Master of the Posts,” created by King Henry VIII in 1516, he needed more guarantees. He therefore negotiated with the unions, who were up in arms about the deal, and agreed to the British government granting itself a golden share, giving it a right of veto, notably over any move abroad.
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