Lord Myners review "misses the point"

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The CWU today (Wednesday) said the Government has failed to learn lessons from the botched sale of Royal Mail and is making the same mistake with the review of the privatisation led by Lord Myners.

"The main lesson learnt by everyone is that governments should not privatise well regarded, profitable public services"
Billy Hayes, CWU general secretary

The former Labour minister has been tasked by the Business Secretary Vince Cable with reviewing whether the right steps were taken in the initial public offering (IPO) of Royal Mail and whether it could have been sold off in a different way.

The review is due to be completed by the end of the year and will inform future privatisations.

Billy Hayes 2010 Billy Hayes, CWU general secretary, said: "Nearly a year after the Coalition Government's Royal Mail giveaway to their city friends, Vince Cable is trying to find out how
Royal Mail could have been privatised better. Lord Myners' review completely misses the point - the main lesson learnt by everyone is that governments should not privatise well regarded, profitable public services.

"The Government failed to get a good deal for the taxpayer in the sell-off of Royal Mail and the whole episode has shown that privatisation is not in the best interests of the public. We value our public utilities in this country so it's ridiculous for Vince Cable to task Lord Myners with this review."