Royal Mail: Privatisation 'successful', says minister

Three months on from the privatisation of Royal Mail, the minister for business and enterprise Michael Fallon has described it as "a successful sale".

He told the Today programme's Evan Davis that "Nobody's lost anything here… we've gained a top 100 company."

The share price is currently 70% higher than its original price of 330p, but Mr Fallon explained that institutions "wouldn't have paid more".

He said that by having a lower original share price he hoped to gain "a secure and stable future" for Royal Mail, by attracting "long-term institutional shareholders".

First broadcast on BBC Radio 4's Today programme on Friday 10 January 2014.