Diana Johnson
Main Page: Diana Johnson (Labour - Kingston upon Hull North)(10 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text
Michael Fallon
There are members of the public who do not yet fully understand how Royal Mail has been separated from the Post Office and who have chosen to believe some of the untrue scare stories that have been put around. The hon. Gentleman will also recall that almost every privatisation that I can remember has initially been opposed—or failed to command universal support—but nobody now suggests that we reverse those privatisations of the 1980s.
Diana Johnson (Kingston upon Hull North) (Lab)
My constituents are concerned that a national asset—our Royal Mail—will end up in foreign ownership. What guarantee can the Minister give that that will not happen?
Michael Fallon
By the end of the privatisation process, the Royal Mail will have multiple owners, including the work force itself, which will own 10% of the business. We have chosen not to sell Royal Mail to another mail operator or a single private equity owner, but to make this a public offering so that Royal Mail will have millions of new owners. The hon. Lady should also consider the opportunities for Royal Mail in international markets. Royal Mail already has a subsidiary, GLS, and there will be huge opportunities for it to win more business overseas and across Europe.