Lord Myners to review Royal Mail share sell-off fiasco

 

The Business Secretary, Vince Cable, yesterday tasked the former City minister Lord Myners with launching a review into government share sell-offs after high profile criticism of the £3.3bn Royal Mail float.

The announcement of the review by Mr Cable follows months of pressure amid accusations that the Royal Mail shares were sold off far too cheaply. The National Audit Office accused the Government of costing taxpayers £750m on the first day of trading.

Mr Cable said: “I have asked Lord Myners to conduct this review, following the recommendations of the National Audit Office, to help me assess whether changes are needed to the current system the Government operates for the sale of its assets.”

Shares in the Royal Mail listed at 330p in October and are now trading 42 per cent higher at 469.7p, but Mr Cable has always rejected claims that the Government sold off the company too cheaply.

The Business Select Committee will publish its report on the privatisation later this week.

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