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MPs claim Royal Mail sell-off cost taxpayers £1 billion

Taxpayers have lost £1 billion over Royal Mail's privatisation because the Government underestimated demand for shares, MPs have reported.

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Labour: Ministers 'botched fire sale of Royal Mail'

The Government pressed ahead with "an unnecessary and botched fire sale of Royal Mail," the shadow trade minister said.

Ian Murray said as a result of this, taxpayers "have been short changed by hundreds of millions of pounds while the Government's 'priority' City investors made a killing at the public's expense."

The Business Select Committee has claimed the Royal Mail sell-off cost taxpayers £1 billion. Credit: Dave Thompson/PA Wire

Mr Murray said: "The cross-party committee's damning report reinforces the significant criticisms which have already been made by the National Audit Office and others.

"David Cameron's Government still has serious questions to answer."

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