The Business Secretary has refused to apologise over the Government's handling of the privatisation of Royal Mail, after a critical report from the spending watchdog. The National Audit Office said ministers sold shares for less than they were worth.
Vince Cable has refused to apologise for the Government's handling of the Royal Mail privatisation, amid Labour claims of a "first-class disaster".
The Business Secretary clashed with his Labour opposite number, Chuka Umunna, in the House of Commons, with Mr Umunna claiming the low initial share price for the company meant investors were "laughing all the way to the bank".
But Dr Cable hit back, saying:
"The last thing I intend to do is apologise. What I do intend to do is to refer to what the report actually said as opposed to the spinning and the froth that is being generated around me."
The Business Secretary says he has no intention of apologising over Royal Mail shares which rose sharply in value on the day they were sold.
The government sold it's 60% stake for £1.98 billion but more or less ever since has been accused of short-changing the taxpayer.