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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Royal Mail sale: the key numbers

The National Audit Office has published a report criticising the Government over the sale of Royal Mail.

Here are some of the key figures from that report which help explain why the NAO said ministers "could have achieved better value for the taxpayer" from the share offer.

  • £1.98 billion - proceeds to Treasury from sale of the Government's 60 per cent stake
  • £1.704 billion - the value of the Government’s remaining 30 per cent stake
  • 167,000 Royal Mail employees were given 10 per cent of the shares
  • 690,000 retail investors bought shares
  • 38 per cent - increase in Royal Mail share price on the company's first day of trading (October 15th, 2013)
  • 72 per cent - increase in the share price over the first five months of trading
  • 60p - Cost of a first class stamp at the date of the sale, an increase of 30 per cent in 2012-13.

(Source: National Audit Office)

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