Ian Lavery
Main Page: Ian Lavery (Labour - Wansbeck)Department Debates - View all Ian Lavery's debates with the Department for Education
(11 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Michael Fallon
No, I cannot confirm that figure. This is taxpayers’ money for projects that would not otherwise go ahead. They are recommended by an independent advisory panel as good value for money and they are subject always to proper due diligence.
Ian Lavery (Wansbeck) (Lab)
7. What discussions he has had with Royal Mail regarding its privatisation; and if he will make a statement.
The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)
I regularly meet Royal Mail and the Communication Workers Union to discuss a future share sale. Since Parliament decided to secure the universal postal service through the Postal Services Act 2011, we have relieved Royal Mail of its historic pension deficit and established a new regulatory regime. The final step is to give Royal Mail access when it needs it to private capital and to honour Parliament’s commitment that at least 10% of the shares will be made available to employees.
Ian Lavery
Royal Mail is the jewel in the crown of this nation, and it is cherished by millions. There are grave concerns about the privatisation of Royal Mail in terms of price hikes, job losses and a reduction in services. May I urge the Minister to withdraw the privatisation plans and invest heavily in a publicly owned Royal Mail?
Michael Fallon
It would be very odd to deny Royal Mail—a business with a turnover approaching £9 billion—access to the capital markets that other large, successful companies enjoy, and which it will need in order to innovate and invest for the future. It would also be wrong to withhold from its 130,000 staff the chance that Parliament has given them to own shares in the company.