Royal Mail sell-off: Billy Hayes and Adam Memon

Taxpayers may have lost out on £1bn in undervalued Royal Mail shares and assets, said a report from MPs on the Business Select Committee.

Communication Workers Union general secretary Billy Hayes said workers were given shares in an attempt to buy them off, and he accused Business Secretary Vince Cable of "blaming everybody else", but not taking responsibility.

But Adam Memon, from the Centre for Policy Studies think tank, founded by Margaret Thatcher, said it had been a great success for employees and those who bought shares who made money, and for taxpayers who were no longer liable for Royal Mail losses.

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