Matthew Rees
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National Audit Office: 'Government too cautious'

1 April 2014 Last updated at 12:22 BST

The privatisation of Royal Mail did not achieve the best value for taxpayers because of the government's "deep caution", the spending watchdog says.

The National Audit Office (NAO) said too much emphasis was put on completing the sale within this Parliament, at the expense of achieving better value for money.

Matthew Rees from the NAO told the BBC that the price the government started with was "extremely cautious in the circumstances".