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Government 'right to be cautious' over Royal Mail sale

1 April 2014 Last updated at 08:29 BST

The government was "right to be cautious" over the sale price of Royal Mail, Business minister Michael Fallon has said.

His comments come as the National Audit Office claimed that the privatisation of Royal Mail did not achieve the best value for taxpayers because of the government's emphasis on completing the sale within this Parliament.

Mr Fallon told the Today programme that the sale was a "success" as it "reduced the risk to the taxpayer" of Royal Mail needing more public funding.

First broadcast on BBC Radio 4's Today programme on Tuesday 1 April.