Labour leader Ed Miliband declared yesterday that the Prime Minister’s face had turned “as red as a postbox” as he struggled to defend the Royal Mail privatisation fiasco.

Mr Miliband told MPs at Question Time that the sell-off had already made hundreds of millions of pounds for David Cameron’s rich friends in the City.

Shares which floated at 330p were now worth 563p, robbing taxpayers of £1.4 billion in a sale that “nobody wanted and nobody voted for,” complained Mr Miliband.