Some context, for people not located in the UK - A full British postcode typically aims to cover around 15 buildings (sometime a single building, sometimes a street of 50 houses). This is in contrast to many other postal code systems which cover relatively broad areas). Or to put it another way - UK - 2,643,732 codes, 1 code per 25 people, USA - 41,700 codes, 1 code per 8000 people, Germany - 8,200 codes, 1 code per…
It's four digits and two letters. The digits cover an area (can be a city, town, neighborhood) and the letters cover the specific street or part of the street. Technically, they cover a range of house numbers, which in 99.9% of the cases is (part of) a street.
So just like in the UK a postcode is enough to get you pretty close. A postcode and house number will get you to the front door.
To get back to the article. I always feel like the UK manages to take privatization of public services to a next ridiculous level. This being a good example.
Another one is the rail network where the company that owns all the infrastructure and is responsible for maintenance (Railtrack) was fully privatized and even stock listed. This of course did not go very well in as far as actually properly maintaining the network. Resulting in it being nationalized again where now Network Rail is responsible.
In the Netherlands the company that owns all rail infrastructure and is responsible for it (ProRail) is a private company but with just the government as a shareholder. Meaning it is still effectively a public company, so things did result in such dire conditions as the UK.