Chuka Umunna has urged the Government to pull the plug on the privatisation of Royal Mail to prevent a “massive bonanza” for City speculators at taxpayers’ expense.

The Shadow Business Secretary said that Royal Mail’s property assets were in prime locations and could be sold for billions of pounds that would represent a windfall for investors.

The prospectus for the sell-off highlights the sprawling London depots at Mount Pleasant, Clerkenwell, and Nine Elms, Wandsworth, as being surplus. Reports value the sites at between £500 million and £1 billion each, according to Labour.

The Government says that Royal Mail will be valued at up to £3.3 billion.

Mr Umunna said that there was a huge coalition of opposition to the Government’s sale plans and that it