How the British public have been short-changed by £750million
When the 500 year old service, Royal Mail was sold off last year, in spite of a big public campaign to save it, it was clear on the first day of trading that it had been sold on the cheap. Share prices were advertised at 330p but were selling at 455p by close of play that day.
The shares were so popular that they could have been sold 24 times over, with one industry expert comparing the demand to 2012 Olympics tickets.
Today’s share price is standing at 565p, that’s 70% more than shares were sold for.
The National Audit Office has now looked at the deal and said the Government’s approach
" …was marked by deep caution, the price of which was borne by the taxpayer."
And how! The first day of sales alone cost the taxpayer £750million.
£750million could have paid for:
- 5550 nurses for 5 years
- 5250 police officers for 5 years
- At least 1 new hospital
- 75 new schools
- An extra £80 Winter Fuel Allowance this year for each eligible household
- Building of 15,000 1 bedroom flats by social landlords outside London
It could also have covered the bedroom tax for every affected tenant in the country for a staggering two years!
Vince Cable, Liberal Democrat Business Secretary and George Osborne, Tory Chancellor of the Exchequer should hang their heads in shame for their gross incompetence and giving away so much of our money to their friends in the city.
Next time you hear the Coalition whining about austerity measures, just remember the Big Royal Mail Robbery.