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Labour's shadow business secretary Chuka Umunna says the group is being sold too cheaply, "short changing" taxpayers. But Business Secretary Vince Cable last night accused Umunna of being "irresponsible" in talking up the value of shares in the Royal Mail postal service, led by Moya Greene, saying that the price was set after "extensive consultation" with investors. He said: "It is irresponsible to imply that a share offering looks significantly undervalued. I think you should consider the risk that you may be influencing the decisions of retail investors."

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