Royal Mail shares rise 38% on market debut

Royal Mail shares rose more than 38% to close at 455p after the first day of conditional dealings on the London Stock Exchange.

Labour has said the government sold the shares too cheaply, but Business Secretary Vince Cable has insisted that the taxpayer has not been short-changed.

Meanwhile, the Communication Workers' Union has described the sell-off as "a tragedy" and will continue their call for strike action next week.

Our Business Editor Robert Peston reports.