Royal Mail Privatisation Slammed

Royal Mail Privatisation Slammed.

Labour has slammed the government over the privatisation of Royal Mail cheating the tax payer out of hundreds of millions of pounds. Labour said the government were selling shares too cheaply.

Vince Cable who was the business secretary at the time of the share sale said the sale price should only be judged after three, six or twelve months. Three months on from the sale, shares are selling at around 561p which is 70% higher than the starting price of 330p.

The Shadow Business Secretary Chuka Umunna said that Vince Cable had even considered the option of selling the shares at a higher price, but the option was dismissed meaning the tax payer has been left short changed.

Chuka Umuna also stated that Vince Cable has some “serious outstanding questions to answer on the price he could have received three months ago in respect of what increasingly looks like a botched privatisation.”