Engagements

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 11:30 am on 30th April 2014.

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Photo of Ed Miliband Ed Miliband Leader of Her Majesty's Official Opposition, Leader of the Labour Party 11:30 am, 30th April 2014

We have had no answer to the question, Mr Speaker. The Royal Mail share price is currently 50% above the level at which it was sold. Only the Prime Minister would want to be congratulated on losing the taxpayer £1 billion.

Each of those chosen few investors was given, on average, 18 times more shares than other bidders, on the basis that, in the words of the National Audit Office, they would provide

“a stable long-term… shareholder base”,

and would not be—in the words of the Business Secretary—“spivs and speculators”. Can the Prime Minister tell us what assurances, in return for their golden ticket, those investors gave us that they would hold the shares for the long term?