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The Lib Dem architect of Royal Mail’s privatisation has said he knew the “Postman Pat” business was in trouble when it was sold to hundreds of thousands of ordinary investors six years ago.
Sir Vince Cable, business secretary in the coalition government, said he had been “vindicated” by the collapse in the former state monopoly’s share price since its stock market debut.
He said: “What the share price shows you is that this wasn’t a very sound business. We knew that this was a business that was going to struggle.”
Sir Vince came under fire in the immediate aftermath of the float as Royal Mail shares surged by more than a third on the first day of trading. However, the company’s value has plummeted…
