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George Osborne: Royal Mail sale 'secured its future'

11 July 2014 Last updated at 15:42 BST

Taxpayers may have lost out on about £1bn from the undervaluing of Royal Mail, a committee of MPs has said.

The government feared failure and acted on bad advice over the Royal Mail stock market flotation, reports the Business, Innovation and Skills select committee.

The Chancellor George Osborne said that the sale "was successful" because it had "secured the future" of the Royal Mail by bringing new money into the company.

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