Royal Mail

Lord Hanson of Flint Excerpts

Thursday 12th September 2013 Commons Chamber

[Michael Fallon]

I am grateful to my hon. Friend for what he has said. Today’s announcement builds on work done by the House in passing postal service legislation, and by my two Liberal Democrat predecessors in getting us to the position we are in today. Yes, there is every opportunity for Royal Mail to face its future with confidence, access to capital markets and new commercial freedoms, and every reason to expect the service to continue to improve.

[Mr David Hanson (Delyn) (Lab)]

Given that the minimum purchase of shares is £750, will the Minister explain how my low-paid constituents such as pensioners or the unemployed will retain a stake in what they already own? Is this a transfer from us all to the richest in society?

[Michael Fallon]

I thought the Labour party opposed this privatisation, but if there are ways we can help the right hon. Gentleman make it more accessible to his constituents, we will certainly let him have details of the website and so on. It is fairly standard to set a minimum threshold—for example, it was £1,000 in the recent Direct Line public offering—and the amount simply reflects standard practice. We hope there will be sufficient opportunity for retail participation, as I would not like members of the public who wish to subscribe to miss out.