Royal Mail

Baroness Symons of Vernham Dean Excerpts

Tuesday 1st April 2014 Lords Chamber

[Viscount Younger of Leckie]

My Lords, I say again that there is no apology to make. The process was robust in setting a price at the level at which it was set. I say again that there was no evidence of demand for the shares above 330p. Much work went into it and it was the right decision at the time. It is all very well for the noble Lord to say this with hindsight, but that is what it was at the time.

[Baroness Symons of Vernham Dean (Lab)]

My Lords, surely, the point is that this is not being said with hindsight because these points were made at the time of the sale. I am bound to say that, listening to the Minister, for whom I have a great deal of respect, I agree with my noble friend Lord Foulkes: I am astonished by the complacency of the Government’s position. He talks as if there was no criticism in the NAO report, but there is clearly a criticism when the taxpayer has lost out to the extent that it has because the Government relied on the advice of those who stood to gain from giving it.

[Viscount Younger of Leckie]

I do not say to the noble Baroness that there was no criticism. In fact, my noble friend Lord Stoneham asked me to point out whether lessons should be learnt. I gave my view, which is that there are always lessons to be learnt. Therefore, what the noble Baroness has said is not fair. However, there was very little criticism in the NAO’s report. It was a good report and we are pleased with it. We are also happy with the success of this IPO. We took a cautious view and we were right to be cautious.