11th Jul 2014 10:29
London (Alliance News) - British taxpayers lost 1 billion pounds (1.7 billion dollars) in the country's largest privatisation for years, a committee of lawmakers stated in a Friday report on the 2013 sale of the Royal Mail.
Adrian Bailey, chairman of the cross-party Business Select Committee, said it was "not at all clear" that the sale had "brought an adequate and appropriate return for taxpayers."
The government sold off 60% of the postal service in October, raising almost 2 billion pounds. While the share price at flotation was 3.3 pounds, it rose at one point to 6.18 pounds and is currently around 4.73 pounds, Bailey noted.
"This was the most significant privatization in years," Bailey added.
Copyright dpa
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