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Cable: No apology over handling of Royal Mail sale

The Business Secretary has refused to apologise over the Government's handling of the privatisation of Royal Mail, after a critical report from the spending watchdog. The National Audit Office said ministers sold shares for less than they were worth.

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Minister: 'I don't think we got it wrong' on Royal Mail

One of the ministers involved in the privatisation of Royal Mail has insisted the Government did not short-change the taxpayer by setting the share price too low.

Business Minister Michael Fallon told Radio 4's Today programme.

I don’t think we did get it wrong. We got the issue away; this was one of the biggest privatisations for 20 years. A loss-making public corporation has now been transformed into one of the top 100 British companies.

Ten per cent of the shares are in the hands of the staff, and three quarters of a million people invested in it as well. So this was a success, and the Audit Office report actually recognises that we achieved our objectives.

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