Hyndburn MP accuses Government over Royal Mail sell off

First published in News

HYNDBURN MP Graham Jones has accused the government of ‘short changing’ the public by privatising the Royal Mail.

A report by the National Audit Office (NAO) found the price of the sell off was ‘bourne by the taxpayer’.

It said: “Although the [government] achieved its primary objective of delivering a sale of shares within this Parliament, it could have achieved better value for the taxpayer.”

Mr Jones, a Labour whip, said: “I did not believe that Royal Mail should be sold off, and it certainly should not have been sold on this timetable or at this price.

“The government was repeatedly warned this fire sale would not represent good value for taxpayers' money and the NAO's report has confirmed that the taxpayer has missed out as a result.”

Comments (8)

Please log in to enable comment sorting

10:32am Sat 19 Apr 14

Excluded again says...

The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares.

The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.
The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares. The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result. Excluded again
  • Score: 16

11:05am Sat 19 Apr 14

happycyclist says...

Excluded again wrote:
The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares.

The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.
Good comment. Now, could you just run me through the PFI deals that the Labour government saddled the taxpayer with, one more time...
[quote][p][bold]Excluded again[/bold] wrote: The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares. The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.[/p][/quote]Good comment. Now, could you just run me through the PFI deals that the Labour government saddled the taxpayer with, one more time... happycyclist
  • Score: 7

3:35pm Sat 19 Apr 14

weevil66 says...

happycyclist wrote:
Excluded again wrote:
The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares.

The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.
Good comment. Now, could you just run me through the PFI deals that the Labour government saddled the taxpayer with, one more time...
The PFI at least put money back into the country on a whole. Can you just run me through the privatization of the utility firms ,docks ,airports ,national grid,train network,etc that the Tory government saddled the taxpayer with still to this day one more time....
[quote][p][bold]happycyclist[/bold] wrote: [quote][p][bold]Excluded again[/bold] wrote: The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares. The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.[/p][/quote]Good comment. Now, could you just run me through the PFI deals that the Labour government saddled the taxpayer with, one more time...[/p][/quote]The PFI at least put money back into the country on a whole. Can you just run me through the privatization of the utility firms ,docks ,airports ,national grid,train network,etc that the Tory government saddled the taxpayer with still to this day one more time.... weevil66
  • Score: 11

4:46pm Sat 19 Apr 14

moxhie says...

Is anyone surprised that the people of the country are getting ripped off by the Tories ?

It's the way they do things .

Forget the "We are all in it together" nonsense .
Is anyone surprised that the people of the country are getting ripped off by the Tories ? It's the way they do things . Forget the "We are all in it together" nonsense . moxhie
  • Score: 9

5:20pm Sat 19 Apr 14

Pan-cake says...

weevil66 wrote:
happycyclist wrote:
Excluded again wrote:
The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares.

The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.
Good comment. Now, could you just run me through the PFI deals that the Labour government saddled the taxpayer with, one more time...
The PFI at least put money back into the country on a whole. Can you just run me through the privatization of the utility firms ,docks ,airports ,national grid,train network,etc that the Tory government saddled the taxpayer with still to this day one more time....
PPI put money back into the country???? Are you sure....the owners of the PFI deals are mainly offshore. No profits from the Blackburn Royal deal are being spent in Blackburn.
[quote][p][bold]weevil66[/bold] wrote: [quote][p][bold]happycyclist[/bold] wrote: [quote][p][bold]Excluded again[/bold] wrote: The government employed City firm Goldman Sachs to advise on the price for the Royal Mail shares. They underpriced the shares by 60%. The taxpayer lost £750 million as a result. Goldman Sachs and their friends in the City made £750 million by buying up the cheap shares. The City saw the government coming. A bunch of incompetents so ideologically committed to privatisation they accepted whatever rubbish the City told them. And we the taxpayers lost £750 million as a result.[/p][/quote]Good comment. Now, could you just run me through the PFI deals that the Labour government saddled the taxpayer with, one more time...[/p][/quote]The PFI at least put money back into the country on a whole. Can you just run me through the privatization of the utility firms ,docks ,airports ,national grid,train network,etc that the Tory government saddled the taxpayer with still to this day one more time....[/p][/quote]PPI put money back into the country???? Are you sure....the owners of the PFI deals are mainly offshore. No profits from the Blackburn Royal deal are being spent in Blackburn. Pan-cake
  • Score: 9

6:17pm Sat 19 Apr 14

midas says...

Another band wagon he jumps on, albeit 6 weeks late!
Another band wagon he jumps on, albeit 6 weeks late! midas
  • Score: 3

10:35am Sun 20 Apr 14

Noiticer says...

The Labour Party were just as guilty of pursuing the privatisation agenda when in government and would not, for example, consider renationalising the rail network in some form when the vast proportion of the electorate backed the idea. Will the next Labour Government continue to follow the neo liberal agenda for fear of upsetting the City if they don't? It will take a brave and courageous leader to rein in the free for all capitalism we have suffered from this past thirty years.
The Labour Party were just as guilty of pursuing the privatisation agenda when in government and would not, for example, consider renationalising the rail network in some form when the vast proportion of the electorate backed the idea. Will the next Labour Government continue to follow the neo liberal agenda for fear of upsetting the City if they don't? It will take a brave and courageous leader to rein in the free for all capitalism we have suffered from this past thirty years. Noiticer
  • Score: -3

2:35am Mon 21 Apr 14

Timefor says...

Spot what Mr Jones didn't say . . . . "and if we're returned to power we will re-nationalise it along with transport and energy".

Spot also what his lords and masters are also saying . . . "and our austerity measures will be bigger and tougher than theirs!"

Lib/Con/Lab can anyone really spot any difference?
Spot what Mr Jones didn't say . . . . "and if we're returned to power we will re-nationalise it along with transport and energy". Spot also what his lords and masters are also saying . . . "and our austerity measures will be bigger and tougher than theirs!" Lib/Con/Lab can anyone really spot any difference? Timefor
  • Score: -2

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree