Labour's parliamentary candidate for Twickenham Nick Grant has said in a letter to the Richmond and Twickenham Times that Vince Cable's reputation is in danger of 'complete collapse' after he presided over the botched privatisation of Royal Mail.
Nick's letter can be read in full below:
A recent letter from a fellow Labour Party member asked Vince Cable whether he really thought “we were all in this together”.
In the rapidly emerging tale of greed, naivety and incompetence that is the Royal Mail privatisation I think we now have our answer. As the National Audit Office (NAO) has found, the price set for the Royal Mail turned out to be £750 million too cheap on the very first day of trading, as the initial share price rose by 38% in a few hours.
This rise alone left the 16 so-called “priority investors” sitting on huge instant profits. These supposedly long-term investors, privileged in the amount of shares they had been allocated compared to other investors, soon cashed out nearly half of all their shares. Indeed, the NAO report reveals that one such investor sold virtually all of their 20 million shares within a few weeks. Likely profit? In the region of £40 million simply for being a member of the inner circle.
Let’s face it, a fast buck was made and that buck was our money, taxpayers’ money; money that this country simply cannot afford to fritter away.
Vince Cable has now been recalled to the parliamentary select committee on 29 April, his reputation in danger of complete collapse. And what a decline that has been. The man once portrayed as the Lib Dems’ left-leaning conscience now reduced to doing the Conservative Party’s dirty work – a botched privatisation as politically motivated and crony friendly as any witnessed under Margaret Thatcher.
As a Labour candidate I’m well versed in the history of the Twickenham tactical vote. Vince Cable has tapped into the constituency’s progressive vote at election after election. That proposition no longer works. To answer the earlier question: Vince Cable and the Conservative candidate are “in it together”. Labour is the only true alternative in 2015.
Picture by Digitalesse, Flickr