Royal Mail

Caroline Lucas Excerpts

Thursday 12th September 2013 Commons Chamber

[Michael Fallon]

Let me reassure my hon. Friend absolutely that there are no deal bonuses for the senior management as part of the share sale. The protection for the consumer has been laid down by the House in the Postal Services Act 2011, which he will recall—I hope—voting for two years ago. The regulation is set out there and the price of the stamp will continue to be capped by the regulator.

[Caroline Lucas (Brighton, Pavilion) (Green)]

Does not the Government’s insistence on flogging off Royal Mail demonstrate their pursuit of ideology rather than evidence, given that Royal Mail is doing pretty well and is in profit? Will the Minister guarantee that profits following the sell-off will be invested in what is good for Britain, rather than what is good for a handful of shareholders?

[Michael Fallon]

There will be many more than a handful of shareholders; I hope that Royal Mail will have millions of owners in the future. Let me absolutely reassure the hon. Lady on one part of her question: there will be continuing regulation of the price of the stamp by the regulator and the universal service will continue to be protected. Neither will change with the change in ownership.