Lord Myners: 'Pricing IPOs is very difficult'

A report commissioned by the Business Secretary, Vince Cable, has suggested the government could have made an extra £180m from its sale of Royal Mail.

Its author, the former City minister, Lord Myners, said that a better price could have been achieved because of the high level of demand.

He has suggested changing the system so that it would be possible to increase the final sale price much later in the process.

Lord Myners told BBC Breakfast that any losses were relatively small however.

He added: "Pricing IPOs is very difficult ... but it was a well-executed transaction".