100 days – Day 80

100 days – Day 80

We wuz robbed!

 

 

Royal Mail was privatised in October when the government sold 60% of its stake at 330p a share, valuing the company at £3.3bn.

But a committee (the Business, Innovation and Skills committee of MPs – or Bis) today said in a scathing report that it was underpriced by the government and its City advisers 

Apparently, we, the taxpayers lost out on £1bn 

The business secretary, Dr (Evil) Vince Cable (the man so unable) had said that the share price rise was “froth” and would settle down; the committee criticised Cable for not defining froth properly (lol).

So, your mission today, readers  – should you wish to accept it -, is to define “froth” properly.  

 

 

STOP PRESS:

“The £1bn ‘lost’ by the taxpayer during the sale of the Royal Mail has been found alive and well in the client accounts of the banks advising on the sale, according to reports this morning.” (News Thump)