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Royal Mail shares close up 38%

Shares in Royal Mail have closed 37.9% up at 455p after a feverish first day of trading on the stock market.

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Union: Royal Mail has been 'flogged on the cheap'

The Communication Workers Union (CWU) claims the taxpayer has lost out in the Government's haste to sell-off Royal Mail as the company has been "flogged on the cheap for no good reason."

CWU general secretary Billy Hayes, continued:

It was flourishing in public ownership, could have accessed private capital in public ownership - as many other companies do - and could have continued to provide a high service in public ownership.

Instead it has been thrown an uncertain future based on profit margins not services.

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