Royal Mail was established as a government-owned company in 1516 and was responsible for the delivery of mail and parcels within the UK, as well as international mail services. In 2013, the UK government announced that it was planning to sell off a majority stake in Royal Mail to private investors. The privatization process was controversial, with some arguing that it would lead to higher prices and reduced service quality, while others argued that it would bring much-needed investment and modernization to the company. The privatization of Royal Mail was completed in 2015, with the government selling off a 52% stake in the company to private investors. The remaining 48% of the company remains in government hands.