THE decision to privatise the Royal Mail has come under fire after revelations its sale had cost millions of pounds.
The Labour Party’s political hopeful for Burton Jon Wheale (pictured) spoke out after a report from the National Audit Office revealed taxpayers could have achieved better value for money.
The Royal Mail’s share price soared by 38 per cent on its first day of trading and is now about 70 per cent above the price the taxpayer’s stake was sold at.
Mr Wheale said: “People in Burton, Uttoxeter and the villages will rightly be asking what the Government was thinking off when it sold off the Royal Mail for such a price.
“And this week’s stamp prices have gone up yet, following a hike of 30 per cent in the price of a first class stamp last year.
“As families across East Staffordshire struggle with a cost-of-living crisis, they will look at this botched privatisation and see yet another example of out of touch politicians who don’t understand communities across the area.”
But Business Secretary Vince Cable defended the decision to sell and said it was right to take a cautious approach in the decision to privatise.