Belfast Telegraph

'Significant value' made over sale of Royal Mail

By Alan Jones

The Government and taxpayer achieved "significant value" from the sale of Royal Mail and the right decisions were made over the pricing of shares, according to a report into the controversial privatisation.

Former city minister Lord Myners said the sell-off was executed with "considerable professionalism", adding that it would have been risky to price shares higher than 350p to 360p.

Opponents have claimed that the Government could have received millions more - possibly up to £1bn - if shares had been priced higher than the 330p when the privatisation went ahead in October 2013.

The Government sold 60% of Royal Mail, raising nearly £2bn.

But ministers faced criticism after shares increased by 38% on the first day of trading, later peaking at 615p before falling back.

MPs have said that taxpayers may have lost up to £1bn in potential proceeds from the sale, but this is rejected by Lord Myners.

Belfast Telegraph