Oral Answers to Questions

Debate between Gregg McClymont and Michael Fallon

Thursday 23rd January 2014 Commons Chamber

[Michael Fallon]

I am disappointed that the hon. Gentleman should talk down British exporting and British manufacturing at precisely the time we see a renaissance not only in our automotive industry but in our aerospace and other industries. Of course trading conditions are tough, not least with problems in the eurozone and elsewhere, but exports are up and we continue to help drive increased export performance through supporting small and medium-sized enterprises and mid-sized businesses.

[Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)]

4. What assessment he has made of the value for money achieved for the public purse through the recent sale of shares in Royal Mail.

[The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)]

With permission, Mr Speaker, I will answer this question together with Question 5.

[Michael Fallon]

I was hoping there would be some interest in this question.

We believe that value for money should be assessed over the long term and should consider not merely the proceeds from the initial sale but the value of the taxpayer’s retained stake in Royal Mail and the reduced risk to the taxpayer and the six-day-a-week universal service of a stable company with access now to private capital.

[Gregg McClymont]

Given the botched and imprudent sale of the first tranche of Royal Mail shares by this Government at the expense of taxpayers, the public will be concerned about the emerging reports that the Government intend to sell off the remaining family silver before the next election. Will the Minister confirm whether those reports are accurate?

[Michael Fallon]

I can confirm, first, that the sale of Royal Mail was a success. Unlike the hon. Gentleman, I am delighted that the shares have risen in value, reflecting Royal Mail’s interim trading results and the long-overdue agreement with the union. Any decision on a sale of the remaining stake is still to be taken.

Oral Answers to Questions

Debate between Gregg McClymont and Michael Fallon

Thursday 17th October 2013 Commons Chamber

[The Minister of State, Department of Energy and Climate Change (Michael Fallon)]

I will certainly look at my hon. Friend’s specific points about the brick industry. We have an energy-intensive industries support scheme and are already making payments under it. We hope to conclude further payments by the end of this month. I will certainly see what can be done to help the brick-making industry and see whether it can be included in our measures.

[Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)]

T5. On the question asked by my right hon. Friend the Member for Don Valley (Caroline Flint) about British Gas price rises, will the Secretary of State explain how British Gas has increased its operating profit to nearly £1.6 billion, as announced in June 2013, and yet people around the country will now see their prices rise by 8% and 10%? How can that be fair to this country’s consumers? When will the Government get a grip on this and finally do something about it?

Royal Mail

Debate between Gregg McClymont and Michael Fallon

Thursday 12th September 2013 Commons Chamber

[Michael Fallon]

I confirm that the Government are committing more than £1.3 billion to modernise the post office network and I can also confirm that all those eligible for Royal Mail shares—those employed by Royal Mail at the time of the statement on 10 July—will be eligible for free shares. More details will be published with the final share offer.

[Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)]

Can the Minister help the House with an urgent missing persons case? Where is the Minister with responsibility for postal affairs? Is she in hiding because it is only with the help of Liberal Democrat votes that a privatisation that even Mrs Thatcher thought was beyond the pale can go ahead?

[Michael Fallon]

This is a statement about Royal Mail, although I have also given assurances about the future of the Post Office. This is a coalition policy that was in the coalition agreement and Ministers across the coalition have worked on it. My two immediate predecessors with responsibility for Royal Mail were Liberal Democrat Ministers, and I have had support throughout this process from my right hon. Friend the Secretary of State.