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| Labour says Royal Mail privatisation 'botched' | Labour says Royal Mail privatisation 'botched' |
| (about 7 hours later) | |
| The government "botched" the privatisation of Royal Mail, short-changing taxpayers by hundreds of millions of pounds, Labour has said. | The government "botched" the privatisation of Royal Mail, short-changing taxpayers by hundreds of millions of pounds, Labour has said. |
| Three months on from privatisation, the share price was trading at 561p at Thursday's close of trade. | Three months on from privatisation, the share price was trading at 561p at Thursday's close of trade. |
| The government had said the share price should only be judged after three months and Labour points out it is 70% higher than the original price of 330p. | The government had said the share price should only be judged after three months and Labour points out it is 70% higher than the original price of 330p. |
| The government has denied that shares were sold too cheaply. | The government has denied that shares were sold too cheaply. |
| Labour said Business Secretary Vince Cable had said judgment should be passed on the sale price after three months. | Labour said Business Secretary Vince Cable had said judgment should be passed on the sale price after three months. |
| Shadow business secretary Chuka Umunna said the shares had consistently been above 500p ever since the privatisation and added: "Three months later, the Business Secretary's dismissal of the sharp rise in share price as 'froth' has been demolished and increasingly it looks like the taxpayer has been left short-changed at a time when services are being cut and families are struggling with David Cameron's cost of living crisis. | |
| "We know that Vince Cable considered, then rejected, the option of floating Royal Mail at a higher price which would have brought in more cash for taxpayers. | "We know that Vince Cable considered, then rejected, the option of floating Royal Mail at a higher price which would have brought in more cash for taxpayers. |
| "He still has 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." | "He still has 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." |
| Billy Hayes, general secretary of the Communication Workers Union, said taxpayers have been "left with a bad taste as hundreds of millions of pounds have been lost". | Billy Hayes, general secretary of the Communication Workers Union, said taxpayers have been "left with a bad taste as hundreds of millions of pounds have been lost". |
| "The British public were against the sale of this great public service as consumers and now they know for sure they got a bad deal as taxpayers too." | "The British public were against the sale of this great public service as consumers and now they know for sure they got a bad deal as taxpayers too." |