Panicked ministers have moved to speed up the unpopular sale of Royal Mail in a bid to stop striking workers putting off City sharks.

Business Secretary Vince Cable said privatisation should be completed by October 15 - a day before the Communication Workers Union (CWU) strike ballot closes.

Mr Cable gleefully announced that "people can now apply to buy shares in this iconic British brand."

And greedy privateers are poised to gobble up shares in Britain's oldest public service for as little as £2.60 each.

Anyone can apply for a minimum of £750 worth of shares and a free-for-all on the Stock Exchange will begin next month.

But Royal Mail workers, who have just received ballot papers over strike action, are clear they won't be fooled by a 10 per cent share bribe.

CWU general secretary Billy Hayes called the timing of the announcement "remarkable" but said it "changes nothing."

He said: "Royal Mail is profitable and can continue to be successful in the public sector.

"The sale is driven by political dogma, not economic necessity, and postal workers and the CWU will continue to fight to save services as well as defend their terms and conditions."

The Royal Mail managers' union Unite added that Con-Dem ministers are rushing the sale through "to pay for their failed handling of the economy."

Unite general secretary Len McCluskey said the sale "is likely to lead to higher prices and could spell the death knell of the universal service which so many rural communities rely on."

A union-backed motion calling on a future Labour government to renationalising Royal Mail was passed at the party's conference this week.

Labour shadow business secretary Chuka Umunna said the privatisation will lead a last-ditch bid to derail the sale when Parliament returns.