The reason this matters is that the sale was grossly undervalued. Shares that were sold for £1.7 billion on privatisation are now worth £2.7 billion, and who cashed in? Twelve of the 16 so-called long-term investors made a killing worth hundreds of millions of pounds within weeks.
Yesterday, the representative of the bank that sold the shares said there was an “understanding” with those investors. [Interruption.] That is what it says on the record, Mr Speaker. He said that there was an understanding with those investors about their long-term commitment to Royal Mail. So why were they allowed to make a fast buck?