Business, Innovation and Skills

Monday 15th July 2013 Ministerial Corrections

Royal Mail

The following is the answer given to the hon. Member for Glasgow North (Ann McKechin) by the Secretary of State for Business, Innovation and Skills, the right hon. Member for Twickenham (Vince Cable), during the Debate following his Statement to the House on the future of Royal Mail on 10 July 2013.

[Ann McKechin (Glasgow North) (Lab)]

Will the Secretary of State confirm what proportion of the sale proceeds will be reinvested in the business rather than taken as profit?

[Vince Cable]

We are not making any advance predictions as to what the sale proceeds will be or how they will be utilised. We are giving Royal Mail the commercial freedom to make those decisions itself.

[Official Report, 10 July 2013, Vol. 566, c. 371.]

Letter of correction from Vince Cable:

An error has been identified in the answer given on 10 July 2013 to the hon. Member for Glasgow North (Ann McKechin).

The correct answer should have been:

[Vince Cable]

We are not making any advance predictions as to what the sale proceeds will be. The sale proceeds will be returned to the Exchequer. We are giving Royal Mail the commercial freedom to make decisions itself as to how it will use any future capital it raises.