Royal Mail and George Osborne

Business Secretary Sajid Javid: Business Secretary Sajid Javid said the sale represented good value for taxpayers. "Royal Mail has demonstrated that it can thrive in the private sector," he said. "It now has the ability to access the funds it needs to ensure that it has a sustainable future and can adapt to the changes in the postal market," he said, adding that the government saw "no policy reason" to hold on to its remaining stake, according to Deutsche Welle. In his annual Mansion House speech on the state of the economy, UK Finance Minister George Osborne also stressed that the sale would benefit Royal Mail. Shares were sold to institutional investors at 500 pence each. Announcing we have begun to sell remaining @Royal Mail shares tonight – it will help them invest & serve customers better— George Osborne June 10, 2015 When Royal Mail was privatized in 2013, the government was harshly criticized for selling the shares too cheaply, at 330 pence apiece. Osborne also announced that the government would begin selling its stake in Royal Bank of Scotland in the coming months. ng/hg A parliamentary committee later said that the government had "wasted" 1 billion pounds in taxpayers' money. (news.financializer.com). As reported in the news.