Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to Nick Clegg claiming that Vince Cable is “not a sort of share price expert” so he “took advice” on the share price, setting it at “the very highest point” on LBC’s ‘Call Clegg’ this morning, said:

“Nick Clegg’s claims that Vince Cable is not a “share price expert” is looking like an understatement. While this may be true, it won’t get David Cameron’s Government off the hook. There are real questions to answer about a decision that could have cost taxpayers dearly.
 
“Nick Clegg said that Vince Cable followed independent advice and set the initial price at “the very highest point” are completely contradicted by the figures released from his own department. The average valuation provided by 21 banks to Government was of a range of between £700 million to £1.5 billion higher than the £3.3 billion the Tories and Lib Dems sold the company for.
 
“David Cameron and the Tory-led Government have not only flogged off a much-loved national institution, putting vital postal services which people rely on at risk, but they have done so at a price which could have left taxpayers short changed and out of pocket to the tune of hundreds of millions of pounds, at a time when families are facing a cost of living crisis. We know that the Tory-led Government considered – and rejected – the option of a higher price.”