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.
The Government has defended the sell-off of the Royal Mail in the face of a damning report into its privatisation, saying the flotation rose £2bn for the taxpayer.
BiS permanent secretary and accounting officer Martin Donnelly explained:
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.