Lord Sugar attacks 'bargain basement' Royal Mail sale

Lord Sugar has hit out at the Government's 'bargain basement' sale of Royal Mail Credit: Doug Peters/Doug Peters/EMPICS Entertainment

Lord Alan Sugar has dubbed the Government sell-off of Royal Mail a "bargain basement sale" and demanded an inquiry to find out who benefited from it.

The businessman and Labour peer made his comments during question time in the House of Lords as Government business spokesman Lord Popat said banks who helped with the sale could receive up to £18.4 million in fees.

The Government has faced widespread criticism that it under-valued the company after Royal Mail shares soared from the offer price of 330p to more than £5 during the first few days of trading.

Lord Popat said the key objective had been to "secure value for money for the taxpayer".