Royal Mail Takeover

Tom Hayes Excerpts

Monday 16th December 2024 Commons Chamber

[Justin Madders]

I pay tribute to the work my hon. Friend father does, and to his work as an official of the Communication Workers Union. What the union has said about the reset in industrial relations is really important to improving standards; of course, the other part of the agreement—on investment in the company—is much needed. When everyone works together, everyone shares the common goal of the business expanding and improving its performance. I think we have got everyone aligned on that at last, and I hope that we will all see improvements off the back of that.

[Tom Hayes (Bournemouth East) (Lab)]

Our posties are friendly, familiar faces who go above and beyond all year round, but never more so than at Christmas. It was a pleasure to visit Bournemouth Royal Mail depot recently, on a tour with Martin and Sonia. Will the Minister outline how the Government will prevent any future owner of Royal Mail from driving the company into the ground? What assurances can he give the people of Bournemouth that Royal Mail will finally deliver?

[Justin Madders]

There are a number of safeguards in the deed of understanding that relate to value extraction, so the EP Group will not be able to take profits out of the company unless there is an improvement in performance; there are also safeguards in respect of debt leverage. I hope that gives my hon. Friend the assurances he is looking for.