Business Secretary Vince Cable refuses Labour’s demands to reveal details of ‘cosy’ Royal Mail sell-off deal

Business Secretary Vince Cable has refused demands by the Shadow Business Secretary Chuka Umunna to release the names of the 16 City investors who reneged on a deal to remain long-term shareholders in the Royal Mail.

Mr Umunna made his demands in a letter to Mr Cable citing The Independent’s reports of a “gentleman’s agreement” made with a select group of 16 City investment companies that they would be long-term shareholders in Royal Mail in return for being granted priority status and extra allocations of shares. In the event, within weeks of the float these investors had sold more than half of their stock at a profit estimated at more than £300m.

Read more: Business Secretary Vince Cable refuses Labour's demands to reveal details of 'cosy' Royal Mail sell-off deal – UK Politics – UK – The Independent.