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Vince Cable defends Royal Mail sale

The privatisation of Royal Mail was too cautious and failed to achieve a good deal for taxpayers, according to parliament's spending watchdog, the National Audit Office.

Business Secretary Vince Cable has defended the privatisation of Royal Mail, despite criticism from the spending watchdog.

Mr Cable said it had achieved its primary objective of selling the shares and reducing the risk to taxpayers.

It came after the National Audit Office said too much emphasis was put on rushing the sale, at the expense of value for money.

John Moylan reports.