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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'Taxpayer disgracefully short-changed' by Royal Mail sale

Labour has hit out at the sale of Royal Mail, accusing the Government of leaving the taxpayer "disgracefully shortchanged".

Shadow business secretary Chuka Umunna said:

This report delivers a damning verdict on the Tory-led Government's botched Royal Mail fire sale, leaving the taxpayer disgracefully short changed by hundreds of millions.

At the same time, stamp prices have shot up by 30% and vital services have been put at risk at a time when families are already hit by a cost-of-living crisis.

We now know...far better value for taxpayers could have been possible had ministers adopted a different timetable for the sale.

The NAO could not be clearer: the inflexible timetable set by ministers for Royal Mail's privatisation resulted in the public losing out.

– Chuka Umunna

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