Oral Answers to Questions

Debate between Karl Turner and Michael Fallon

Thursday 10th April 2014 Commons Chamber

[Jessica Morden (Newport East) (Lab)]

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

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

The National Audit Office’s report on the Royal Mail share sale published last week confirms that we achieved our key objective of achieving the sale and allowing Royal Mail access to the private capital it needs to invest and thrive. It was a successful transaction, raising £2 billion for the Exchequer, and has reduced the risks to the taxpayer of having to provide future financial support to the universal six-day-a-week service.

[Karl Turner]

The Secretary of State recently described me as “tribal” for my opposition to the fire sale of the Royal Mail. What does the Minister say about Peter Davies of Lansdowne Partners, the Chancellor’s best man and best pal, who is set to rake in millions from this dodgy deal? Will he say how many of the 12 lucky immediate winners are Tory party donors?

[Michael Fallon]

More than half the shares allocated to priority investors are still held by those investors, and six of them remain among Royal Mail’s largest shareholders.

Oral Answers to Questions

Debate between Karl Turner and Michael Fallon

Thursday 6th March 2014 Commons Chamber

[Michael Fallon]

The business bank is working precisely on supporting crowdfunding with schemes of that kind. I agree that there is good regulation to protect consumers and health and safety, but there is also far too much unnecessary legislation that has been imposed on us by the European Union. The previous Government did absolutely nothing about it, but we are doing something.

[Karl Turner (Kingston upon Hull East) (Lab)]

4. How many firms have been prosecuted for non-payment of the national minimum wage since May 2010.