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Government to review way it handles public asset sales Government to review way it handles public asset sales
(about 1 hour later)
Business secretary Vince Cable has launched a review of the way the government conducts stock market flotations of public assets.Business secretary Vince Cable has launched a review of the way the government conducts stock market flotations of public assets.
It will look into the "book building" process used ahead of a share sale to gauge investor demand, and whether this could be improved.It will look into the "book building" process used ahead of a share sale to gauge investor demand, and whether this could be improved.
Former City minister Lord Myners will lead the review.Former City minister Lord Myners will lead the review.
It comes ahead of a select committee report on the Royal Mail sale which is expected to be critical.It comes ahead of a select committee report on the Royal Mail sale which is expected to be critical.
The review will look at recent UK private and public sector stock market listings which have seen significant rises or falls in share trading prices following flotation.The review will look at recent UK private and public sector stock market listings which have seen significant rises or falls in share trading prices following flotation.
Business Secretary Vince Cable said the review would help him to "assess whether changes are needed to the current system government operates for the sale of its assets".Business Secretary Vince Cable said the review would help him to "assess whether changes are needed to the current system government operates for the sale of its assets".
The review follows controversy over the £3.3bn privatisation of Royal Mail, where the government has been accused of selling off shares in the firm too cheaply.The review follows controversy over the £3.3bn privatisation of Royal Mail, where the government has been accused of selling off shares in the firm too cheaply.
The government initially priced Royal Mail shares at 330p each, but they have risen sharply since and are now trading at about 470p a share.The government initially priced Royal Mail shares at 330p each, but they have risen sharply since and are now trading at about 470p a share.
A report by the National Audit Office found that ministers in charge of the privatisation were too cautious when setting the sale price.A report by the National Audit Office found that ministers in charge of the privatisation were too cautious when setting the sale price.
In April, Mr Cable insisted that the Royal Mail sale was "successful" and "the government achieved its objectives".In April, Mr Cable insisted that the Royal Mail sale was "successful" and "the government achieved its objectives".
The review will examine:The review will examine:
Analysis, Kamal Ahmed, BBC Business editor:
Critics of Mr Cable will seize on the timing of this announcement, coming as it does a mere two days before what is expected to be a highly critical report by the House of Commons Business Select Committee on the controversial Royal Mail share sale.
Are they connected? Well, put it this way, my sources inside the business department are not denying it.
The best form of managing a controversy that you know is just around the corner? Get your retaliation in first.