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Vince Cable: Royal Mail 'had to' privatise

11 October 2013 Last updated at 08:43 BST

The government's business secretary has told the BBC that the Royal Mail "had to" be privatised.

Royal Mail shares have risen more than 38% to 456p at the start of conditional dealings on the London Stock Exchange.

Vince Cable told the Today programme's Evan Davis this is "giving [the Royal mail] a future" as it "will now be able to compete".

He insisted the move was "a very good deal" for shareholders, the country and the government.

First broadcast on BBC Radio 4's Today programme on Friday 11 October 2013.

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