Stephen Timms
Main Page: Stephen Timms (Labour - East Ham)(10 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text
Michael Fallon
Let us be clear: there have been 50,000 job losses in the last 10 years of public ownership, so public ownership is no guarantee of job security. The best guarantee of job security is to be able to work for a company that is growing and investing in its future, and able to access the finance it needs. The management of Royal Mail have put on the table a series of assurances about future terms and conditions, which they hope the union will come to agree before we get to the point of privatisation.
Stephen Timms (East Ham) (Lab)
The Minister has told us that the price of a second-class stamp will be regulated, but that will not reassure people who pay regulated energy bills. What grounds does he have for his assurance that price control will be effective in the case of Royal Mail?
Michael Fallon
The price control arrangements were set by this House, and they are for Ofcom to regulate. Ofcom has capped the price of a second-class stamp, which cannot rise higher than 55p. It is not at that level yet, but that is the cap imposed by Ofcom. Ministers cannot interfere with that.