Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting ahead of the listing of Royal Mail on the London Stock Exchange:

“We are seeing a centuries-old and much loved national institution flogged off in a fire sale by David Cameron.

“As well as hitting customers and small businesses, real concerns have emerged that Royal Mail is being sold off on the cheap with taxpayers being short changed to the tune of hundreds of millions of pounds. Yet out of touch ministers have ploughed on regardless and claimed this is a triumph.

“It is astounding that the sale has been 20 times oversubscribed by City investors which underlines concerns ministers have got it badly wrong by selling it off on the cheap, with only a minority of shares going to small investors.

“It says it all about the Royal Mail fire sale that just hours before it is floated Cameron and Clegg are being dragged into emergency meetings on the Royal Mail. Increasingly this privatisation is looking like a botched job from an out of touch government that puts the wrong people first.”