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'Dunce' Cameron takes aim at 'muppet' Miliband

Ed Miliband has branded David Cameron a "dunce" over his handling of the Royal Mail privatisation, prompting the Prime Minister to attack his Labour opponent as a "muppet" over his role in selling off the UK's gold stockpile.

The pair clashes in a heated Prime Minister's Questions, in which the Labour leader claimed the Government had "lost £1.4bn for the taxpayer" by undervaluing shares in Royal Mail.

As well as his attack over the sale of British gold - which took place when Gordon Brown was Chancellor - Mr Cameron claimed Labour had themselves wanted to privatise the Royal Mail.

"The truth is this. You sat in a Cabinet that wanted to privatise the Royal Mail, they couldn't do it... because the trade unions won't let them," Mr Cameron said.

Cable: No apology over Royal Mail sale

Vince Cable has refused to apologise for the Government's handling of the Royal Mail privatisation, amid Labour claims of a "first-class disaster".

The Business Secretary clashed with his Labour opposite number, Chuka Umunna, in the House of Commons, with Mr Umunna claiming the low initial share price for the company meant investors were "laughing all the way to the bank".

Vince Cable addressing the House of Commons Credit: ITV News

But Dr Cable hit back, saying:

"The last thing I intend to do is apologise. What I do intend to do is to refer to what the report actually said as opposed to the spinning and the froth that is being generated around me."

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