Royal Mail

Lord Foulkes of Cumnock Excerpts

Tuesday 1st April 2014 Lords Chamber

[Viscount Younger of Leckie]

I think that the gist of the noble Lord’s question referred to the timing of the sale. I remind him that there was industrial action hanging over this IPO, and much discussion was had over whether one should delay or stay. However, it was very clear that one should continue because the industrial strife was not necessarily going to be resolved and that was not going to impact on the timing. That is why we went ahead at that time.

[Lord Foulkes of Cumnock (Lab)]

I am quite astonished by the Minister’s complacency on this. The taxpayer has lost £750 million because of the incompetence of the Government. As my noble friend said, they were warned about it, not just in this House but by Chuka Umunna, Ian Murray and our spokesman in the other place. Is not it about time that the Government apologised for making the taxpayer lose £750 million? If they do not apologise for that, what will they apologise for?

[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.