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Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 13:04

Sir Vince Cable: I knew Royal Mail couldn’t deliver

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut CREDIT: CHRIS WATT


https://www.telegraph.co.uk/business/2019/11/30/sir-vince-cable-knew-royal-mail-couldnt-deliver/


Oliver Gill
30 NOVEMBER 2019 • 8:00PM

The Lib Dem architect of Royal Mail’s privatisation has said he knew the “Postman Pat” business was in trouble when it was sold to hundreds of thousands of ordinary investors six years ago.

Sir Vince Cable, business secretary in the coalition government, said he had been “vindicated” by the collapse in the former state monopoly’s share price since its stock market debut.

He said: “What the share price shows you is that this wasn’t a very sound business. We knew that this was a business that was going to struggle.”

Sir Vince came under fire in the immediate aftermath of the float as Royal Mail shares surged by more than a third on the first day of trading. However, the company’s value has plummeted and now sits more than a third lower than its initial price, despite the efforts of boss Rico Back to turn the business around.

Sir Vince, the former Lib Dem leader who is stepping down as an MP at this election, insisted that Royal Mail’s privatisation had delivered for taxpayers if not shareholders.

He said: “It’s been a big success in the sense that the Royal Mail was in serious difficulty. In the world of email, Postman Pat is as much a part of us as the stagecoach. In order to do that the Royal Mail needed to borrow – it wasn’t going to come from the government.”

Mr Back, who succeeded Moya Greene last summer, plans to invest around £500m-a-year on expansion in the growing parcel market as the decline of letter deliveries accelerates ahead of forecasts. Analysts fear the plan could wipe out profits in the short-term, however.

Royal Mail also faces the threat of industrial action over Christmas strikes in what would be the first postal strike in a decade. The company is currently battling the CWU, which says the company has broken its promises to its 140,000 members, through the courts.

Shane O’Riordain, Royal Mail’s managing director, said: “We have honoured the agreements to the letter. We just ask in return for a commitment to change at pace.”

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 16:05

He's a senile old prat, he did what Thatcher wouldn't dare to do.

Sold off Royal Mail.

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 16:30

So he undervalued the shares back then because he foresaw that the share price would fall years later?
Talked bollix back then and still does now. Berk.

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 20:29

Cable is an arrogant fool. Nothing alters the fact that the shares could have sold for far more than they did.

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 20:38

LIAR. That is all.

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 21:01

If he thought they were overvalued at the time that means when he was desperately trying to hawk the company to major investors and pension funds he was trying to sell them a pig in a poke so which is it Vince, liar then or liar now....or both?

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

02 Dec 2019, 22:33

He is not vindicated at all, dear ole Rico crashed the share price by announcing profit warnings about a year or so ago. How convenient given that large share holdings held by staff were due to be applicable for tax free sale. This was a deliberate action IMO to stop staff from profiting to any great extent, and “justified” by announcing in achievable savings in efficiency! Vince Cable is a very arrogant and stupid man, of course his determination to ram through privatisation would have nothing to do with the fact he is or was on the board of DHL? No of course not. He is an honourable MP isn’t he! ......... tosser!

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

03 Dec 2019, 10:34

Good I hope he was/is and forever more vindicated :Applause "honourable MP" Massive Prick!

Sir Vince Cable said he had been 'vindicated' by the collapse in Royal Mail's share price since its stock market debut

03 Dec 2019, 17:22

One of the main reasons RM is struggling as a business is because (for now at least) it pays a reasonable living wage whilst all it's competitors pay illegally low wages... so what Sir Vince is actually saying is that he recognised that would be a problem for the business.

What a shame he didn't bother to use that wonderful insight he had to instead campaign for better pay and improved T&C's for the employees of our competitors when he was in a position to do so whilst he was cosying up to the Torys

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