SKETCH: Royal Mail Offer Price – Political or Economic?
Vince Cable in Front of Business Innovation and Skills

In view of the offer being so over-subscribed, the question the committee repeatedly asked was: is the Royal Mail offer undervalued?

Vince Cable said that was the sort of observation made by grey-market, fly-by-night, speculating outliers on the fringes of the financial community and his irresponsible opposite number (Chuka Umunna).

He didn’t carry the committee.

Adrian Bailey in the chair said he had been an auctioneer in a previous life. “If I pitched a price and thirty hands went up I’d know I’d underpriced it.”

The minister thought that to float shares wasn’t an auction. In what way he didn’t say.

Labour and Tory members wanted to know how he would judge whether he had underpriced the issue. If the price went up 10, 20, 40, 50 per cent, would that cause him to blush at all? He was going to ignore such froth, he said. He wasn’t going to take a snapshot seriously.

Prices, pah!

But what about the 23 acres of prime London property that might be sold for billions by a clever asset-stripping management in a rocketing market?

The minister said such an outcome would assume a serious error had been made in the valuation. “And I don’t buy that,” he said.

Neither do. I can’t afford it.




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

The Donald asks what America wants from a President…

“I spent less, I won the most. Isn’t that what you want from your President for a little time?”

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

CAT SMITH EXPENSES COVER UP CAT SMITH EXPENSES COVER UP
ETHNIC MINORITY BRITS BACK BREXIT ETHNIC MINORITY BRITS BACK BREXIT
REMAIN TAKES PROJECT FEAR TO CHURCH REMAIN TAKES PROJECT FEAR TO CHURCH
SOUBRY’S BIG NISSAN-DERSTANDING SOUBRY’S BIG NISSAN-DERSTANDING
JIM SHANNON ORDERED TO REPAY £14,000 EXPENSES JIM SHANNON ORDERED TO REPAY £14,000 EXPENSES
PAY “ONLY REAL RED LINE” FOR BMA JUNIOR DOCTOR LEADERSHIP PAY “ONLY REAL RED LINE” FOR BMA JUNIOR DOCTOR LEADERSHIP
NET MIGRATION UP 20,000 TO 333,000 NET MIGRATION UP 20,000 TO 333,000
POLICE INVESTIGATING TESSA MUNT ELECTION EXPENSES POLICE INVESTIGATING TESSA MUNT ELECTION EXPENSES
LEAVE.EU ON HOOK FOR £500,000 BREXIT GIG LEAVE.EU ON HOOK FOR £500,000 BREXIT GIG
TRUMP SINGS “WE’RE GONNA BUILD A WALL” TRUMP SINGS “WE’RE GONNA BUILD A WALL”
OZBOT VERSUS ANDROGENOID OZBOT VERSUS ANDROGENOID
EDDIE IZZARD’S HOTEL BILLS NOT LAWFULLY DECLARED EDDIE IZZARD’S HOTEL BILLS NOT LAWFULLY DECLARED
POLITICAL PARTY RICHLIST POLITICAL PARTY RICHLIST
EU PLOTS TAX ID NUMBERS FOR EVERY EUROPEAN CITIZEN EU PLOTS TAX ID NUMBERS FOR EVERY EUROPEAN CITIZEN
MUNT ADMITS SHE DIDN’T DECLARE LOCAL CAMPAIGN TRANSPORT MUNT ADMITS SHE DIDN’T DECLARE LOCAL CAMPAIGN TRANSPORT
OZBOT VERSUS ANDROGENOID OZBOT VERSUS ANDROGENOID
“Fat Cats For EU” “Fat Cats For EU”
“CHEATED” LIBDEM PICTURED CAMPAIGNING ON BATTLE BUS “CHEATED” LIBDEM PICTURED CAMPAIGNING ON BATTLE BUS
CHRISTINE HAMILTON HIRED ON THE PUBLIC PAYROLL CHRISTINE HAMILTON HIRED ON THE PUBLIC PAYROLL
CONSERVATIVES IN: SPOT THE DIFFERENCE CONSERVATIVES IN: SPOT THE DIFFERENCE
HULL UNIVERSITY THIRD TO DISAFFILIATE FROM NUS HULL UNIVERSITY THIRD TO DISAFFILIATE FROM NUS
CAMERON’S AIRFARE FABLE CAMERON’S AIRFARE FABLE
TELEGRAPH BLOODBATH: NEW JOBS CULL UNDERWAY TELEGRAPH BLOODBATH: NEW JOBS CULL UNDERWAY
CCHQ FREEZE MPS AND ASSOCIATIONS OUT OF VOTE SOURCE CCHQ FREEZE MPS AND ASSOCIATIONS OUT OF VOTE SOURCE
OSBORNE MISSED BORROWING TARGET BY EVEN MORE THAN PREVIOUSLY THOUGHT OSBORNE MISSED BORROWING TARGET BY EVEN MORE THAN PREVIOUSLY THOUGHT
POLICE INVESTIGATING SHADOW MINISTER OVER ELECTION EXPENSES POLICE INVESTIGATING SHADOW MINISTER OVER ELECTION EXPENSES
TOOTING BY-ELECTION CAMPAIGN KICKS OFF IN BATTERSEA TOOTING BY-ELECTION CAMPAIGN KICKS OFF IN BATTERSEA
ELECTORAL COMMISSION ON JOCK-‘COPTER CAMPAIGN ELECTORAL COMMISSION ON JOCK-‘COPTER CAMPAIGN
STURGEON DUCKS CHOPPER QUESTION STURGEON DUCKS CHOPPER QUESTION
NUS CHIEF EXECUTIVE PAID FIVE TIMES AVERAGE GRADUATE NUS CHIEF EXECUTIVE PAID FIVE TIMES AVERAGE GRADUATE