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Royal Mail's surge in profits

Royal Mail have reported a significant surge in profits in its first set of results since its floatation on the London Stock Exchange. The Business Secretary Vince Cable will be quizzed by MPs today over the controversial privatisation of the company

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Vince Cable: Royal Mail sale was good for taxpayer

Business Secretary Vince Cable has "categorically rejected" claims that taxpayers lost out over the sale of Royal Mail.

The coalition has been accused of selling the company too cheaply after shares initially increased by more than a third and broke through the 500p mark within a week.

Business Secretary Vince Cable and Business Minister Michael Fallon (right) answer questions in front of MPs Credit: PA Wire

Appearing in front of the Business Select Committee alongside Business Minister Michael Fallon, Cable said the privatisation operation was good for the taxpayer and for the future of the six day a week delivery service offered by Royal Mail.

Mr Cable said no decision had been made on whether to pay a multimillion-pound performance bonus to banks which advised the Government on the sell-off, adding it could take years before a judgement is made.

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