Royal Mail shares are selling today at about 70% above the price at which they were sold by the Government when the business was privatised. Does the Minister at least admit, if she is as determined on privatisation as she seems to be that, that had the Government not undervalued Royal Mail shares, she might have an extra £2 billion, which could be used to support the Post Office, now and in future years.
First, I would point out to the hon. Gentleman that he is talking about two entirely separate companies, because Royal Mail is separate from the Post Office. The privatisation of Royal Mail has, I understand, been discussed at length in the House and, indeed, this morning in the Select Committee on Business, Innovation and Skills, which took evidence from my right hon. Friend the Secretary of State for Business, Innovation and Skills and the Minister of State, Department for Business, Innovation and Skills, my right hon. Friend the Member for Sevenoaks (Michael Fallon). I would gently say that making a judgment some short weeks after flotation is perhaps not the best way of judging a company’s long-term share price.
(11 years, 1 month ago)
Commons ChamberLots of discussions go on in government among officials on these issues, but I have not personally had any such discussions with Welsh Ministers. However, Governments have a role to play in leading by example with the civil service, in trying to make it easier for women to achieve parity with men on pay and progression, and in working with businesses to make the business case that diverse teams achieve better results.
6. What steps she is taking to improve the position of disabled people in the workplace.
(11 years, 4 months ago)
Commons ChamberThe hon. Gentleman is right to raise that issue. It is fair to say that employment tribunals are costly in terms of time, money and stress for everybody involved, both employers and employees, so what we are trying to do through our employment law reforms is reduce the number of cases going to tribunal. We are streamlining the rules of procedure, which should also help to reduce costs, but the really important savings will come from getting more cases resolved through early conciliation, which is what the Government are pressing ahead with.
This morning the Globe group of parliamentarians held a seminar highlighting the risk of financial instability as a result of the overvaluation of fossil fuel reserves internationally and nationally without taking account of international climate change commitments. Will the Government contact regulators to ensure that they take into account the risks of instability and ensure that we do not see the bursting of a carbon bubble in the way we saw dotcom bubbles burst and other collapses in the markets?
(14 years, 5 months ago)
Commons ChamberI greatly appreciate that intervention from my hon. Friend, and that reassurance. I am sure that this can be solved. The Speaker certainly seems to be given a lot of power in these elections as almost a de facto returning officer, so I suspect a solution can be found.
I shall now turn to the issue of private Members’ Bills and the two amendments in my name: amendment (d) to motion 2 and amendment (b) to motion 4. I want to share with the House why I think this is an important issue, although I also appreciate that some new Members are present and I do not wish to scare them or put them off. I just want to describe my experience of the horror of Friday sittings.
One of the first Friday sittings I attended dealt with a private Member’s Bill sponsored by the hon. Member for Edinburgh North and Leith (Mark Lazarowicz). His Bill was on climate change and I was keen to support it, and many of my constituents were also keen for me to do so. The second Bill on the Order Paper was about the management of energy in buildings, and we thought that because there would be five hours of business in the Chamber, we might be able to get one Second Reading finished and have another one well under way. We had not counted, however, on a two-hour speech from one Member, and then another Member standing up to try to make a speech of a similar length.
In order to get a private Member’s Bill passed, there need to be 100 MPs for the closure vote, so there were dozens of MPs in the Chamber who had come along to support this private Member’s Bill. Indeed, some of them wanted to make some comments on the record, perhaps through an intervention, but had we all done that, the Bill would have been talked out, and all because one or two Members were being, frankly, quite rude about using up time to talk it out.
I remember sitting in the Chamber and thinking that if I wanted the Bill to go through, I would just have to be quiet and say nothing—and not even say that I supported the Bill. I accepted that but, along with many other new Members at the time, I left the Chamber appalled and furious that this was the way we did our business, and I thought that it absolutely had to change.
I also remember that when I spoke to Members who had been in the House for longer than me, it was clear that they had got used to things as they said, “Well, that’s the way it is.” I thought to myself that I never wanted to accept that such a ridiculous way of working is the way it had to be. I suspect that current new MPs would be equally appalled if that happened, but I am sure that there will be an opportunity to make a change, because there needs to be one.
I well remember the progress of that particular private Member’s Bill, and I am grateful for the hon. Lady’s support on that occasion. She will also recall that that Bill came back not only on one Friday, but that it had to come back a total of three Fridays precisely because some Members chose to use their right to speak at length. Does she agree that that underlines that until such time as there is a more fundamental reform of procedure for private Member’s Bills, we do not want to lose any days for private Member’s Bill discussion on Friday, which is why we support the amendment of the hon. Member for Wellingborough (Mr Bone)?