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Cable's idiotic defence on Royal Mail

The Business Secretary Vince Cable has that unfortunate demeanour of somebody who got it right. He would have us believe that he got it right in predicting the financial collapse. He didn't of course but legends are often allowed to grow in politics. Now he insists he got it right over the sale of the Royal Mail despite criticism from the financial watchdog, the National Audit Office, that the Royal Mail was sold off too cheap.

Vince Cable defends his decision saying that the sale achieved its objective of selling the company and 'reducing the risk to taxpayer'. It is a bizarre defence. Selling the company for 1p would also have achieved that objective. What he failed to do was to get the best deal for the British taxpayer. But Vince Cable knows best. It is an idiotic defence.

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