Billy Hayes
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Royal Mail sale was 'botched' says union boss

1 April 2014 Last updated at 11:57 BST

The privatisation of Royal Mail was too cautious and failed to achieve a good deal for taxpayers, according to the spending watchdog, the National Audit Office.

It said too much emphasis was put on completing the sale within this Parliament, at the expense of achieving better value for money.

Royal Mail shares are now more than 70% higher than the original sale price of 330p in October 2013.

Billy Hayes of the Communication Workers Union said the privatisation of Royal Mail was ''bungled'' and ''panicked''.