Royal Mail Sale

Baroness Wilcox Excerpts

Wednesday 16th July 2014 Lords Chamber

[Noble Lords]

Oh!

[Baroness Wilcox (Con)]

Would the Minister remind the House that the Labour Party failed completely in its own attempt to sell Royal Mail, and was much relieved when this Government managed to sell it for what was certainly at that time a fair price, in order to save the post offices which we still have and—most importantly—to save the pension scheme, which had no money left in it at all?

[Lord Popat]

My noble friend raises a very important question. The party opposite failed to achieve a sale or to find a solution to the problem of Royal Mail. This Government have taken a loss-making public enterprise and turned it into a highly successful, respected public company. Both the National Audit Office report and last week’s Select Committee report reached the important conclusion that we had successfully achieved our objectives. The Royal Mail IPO has inspired other companies in the UK to go for a flotation.