The Government has defended the sell-off of the Royal Mail in the face of a damning report into its privatisation, saying the flotation rose £2bn for the taxpayer.
BiS permanent secretary and accounting officer Martin Donnelly explained:
Our course of action was appropriate given the significant risks at the time and the fact that the alternative of a failed sale would have been the worst outcome for the taxpayer.
The sale price secured by the Government was based on a comprehensive process of preparation, in which we took extensive professional advice and consulted with more than 500 investors. We have raised almost £2bn for the taxpayers in the process.
By retaining a 30% stake in the business we have made sure taxpayers have benefited from dividend payments and will continue to benefit from share price rises after the sale.
The Business Secretary says he has no intention of apologising over Royal Mail shares which rose sharply in value on the day they were sold.
The government sold it's 60% stake for £1.98 billion but more or less ever since has been accused of short-changing the taxpayer.