A scathing report from the National Audit Office (NAO) released today (1st April 2014) confirms that the Coalition government’s botched Royal Mail fire sale has left the taxpayer disgracefully short changed by hundreds of millions of pounds claims local Labour MP, Tom Blenkinsop.
Commenting on the report, Tom said:
“It is now beyond doubt that Coalition Ministers have seriously messed up in their determination to privatise the Royal Mail; allowing their friends in the City to make a quick buck whilst taxpayers and vital services are losing out on millions of pounds.
“Over the first five months of trading the share price of the Royal Mail has shot up by 72% and this news comes days after they announced it was axing more than 1,600 staff, whilst customers will see another hike in stamp prices.
“Labour raised concerns that the full value of Royal Mail’s property portfolio was not being reflected but the government dismissed this at the time. Today’s report shows how erroneous their actions have been.
“Ministers have serious questions to answer over the hundreds of millions of pounds they have lost British taxpayers and they must not be allowed to shirk responsibility for what has happened.”