Ian Murray
Main Page: Ian Murray (Labour - Edinburgh South)Department Debates - View all Ian Murray's debates with the Department for Education
(10 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Michael Fallon
Yes. I would have thought that Labour Members would welcome this extension of employee share ownership. I am delighted that 99% of Royal Mail’s employees took up the offer and now have a stake in the success of that company as it moves forward.
Ian Murray (Edinburgh South) (Lab)
As my hon. Friend the Member for Cumbernauld, Kilsyth and Kirkintilloch East (Gregg McClymont) said, the fire sale of Royal Mail has cost the taxpayer in excess of £750 million, but it has not taken it long to enjoy its new privatised status. Reports in the media suggest that the board of Royal Mail is about to propose a significant pay increase for the chief executive to bring her in line with those in other FTSE 100 companies. The Business Secretary says that he will use the Government’s remaining stake as the largest stakeholder to veto the proposals. Does the Minister agree with the Secretary of State, his boss, or is this just froth?
Michael Fallon
If this were a fire sale, it would certainly, as my hon. Friend the Member for Gainsborough (Sir Edward Leigh) has said, be one of the longest fire sales in history, given that Governments have been trying to sell Royal Mail for over 20 years. I think we should salute Moya Greene’s achievement in transforming a loss-making public corporation into one of Britain’s top 100 companies and congratulate her, as one of all too few female chief executives, on her award as business person of the year. We have yet to receive any proposal from the remuneration committee.