In a major shake-up, Labour ministers are exploring plans to potentially transfer ownership of the Post Office to thousands of sub-postmasters across Britain.
The Department for Business and Trade has engaged management consultancy BCG to examine options for mutualising the 364-year-old institution. This could include an employee-owned mutual model, similar to that used by the John Lewis Partnership.
The Post Office is currently wholly owned by the state, with the public's shareholding managed by UK Government Investments (UKGI).
The exploration of new ownership models is seen as part of efforts to repair the Post Office's battered finances and reputation following public anger over the Horizon IT scandal, which saw hundreds of sub-postmasters wrongfully convicted of theft. Many affected sub-postmasters suffered ill health, marital breakdowns, or died before being exonerated.
The scandal has also prompted calls for a review of the Post Office's ownership model.
Andy Furey, a national officer at the CWU Union, stated, "There has to be a totally new operating model for the Post Office going forward to remain relevant for society."
A report from BCG is expected to be delivered to Business Secretary Jonathan Reynolds in the coming months, according to Sky News. BCG's work on mutualising the Post Office is expected to include assessing the viability of an employee-owned model.
Both Reynolds and Gareth Thomas, the minister overseeing the Post Office, are scheduled to give evidence to the public inquiry into the Horizon IT crisis next month. They may be questioned about the BCG project during their appearances.
