Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to the government’s announcement of a share price range for the flotation of Royal Mail, said:

“Royal Mail is a cherished national institution with a presence across Britain providing vital services to millions of customers every day. But out of touch ministers are putting all that at risk just so they can raise a quick buck to fill the hole left in the public finances by George Osborne’s failed economic plan. This is in the face of huge opposition from the public and Royal Mail’s employees and a real concern about what the sale will mean for customers and local communities.”

“Having nationalised Royal Mail’s debts by taking on its pensions liability, Ministers are privatising the business when it making over £400million in profits, which makes no sense.”