Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to reports in today’s Financial Times that the Government was told that Royal Mail was valued at £5bn by two banks in June, said:

“Vince Cable claims that value for money for the taxpayer was ‘central’ to the government’s strategy. Yet now we learn that the option of a better deal for taxpayers by setting a higher price was considered, and rejected, by ministers.

“This comes as Royal Mail’s share price hits 500p, more than 50 per cent the amount which taxpayers received for their stake which was sold only days ago.

"Vince Cable has serious questions to answer on the Royal Mail fire sale. Concerns that taxpayers have been short changed - which he dismissed as ‘froth’ - are growing by the day.”