We certainly do not have any doctrinal or other objections to foreign ownership. I spend a lot of my time trying to attract foreign investors to the country, but, as far as the royal charter is concerned, it is clear that the association with the monarchy is probably the most...

We certainly do not have any doctrinal or other objections to foreign ownership. I spend a lot of my time trying to attract foreign investors to the country, but, as far as the royal charter is concerned, it is clear that the association with the monarchy is probably the most...

Of course it does need to be done anyway, but as I explained a few moments ago, the key point about bringing in private capital is that it brings in investment as well as new and better methods of management. There are separate issues involved. However, the right hon. Gentleman...

Of course it does need to be done anyway, but as I explained a few moments ago, the key point about bringing in private capital is that it brings in investment as well as new and better methods of management. There are separate issues involved. However, the right hon. Gentleman...

We cannot do it in that way. Of course, other companies have access to the market, subject to strict conditions, but we envisage that Royal Mail will continue to be the universal service provider: that is the basis on which we are proceeding. The Bill puts in place three new...

We cannot do it in that way. Of course, other companies have access to the market, subject to strict conditions, but we envisage that Royal Mail will continue to be the universal service provider: that is the basis on which we are proceeding. The Bill puts in place three new...

It is a solution on which I hope that Members in all parts of the House can agree, including the right hon. Gentleman.

It is a solution on which I hope that Members in all parts of the House can agree, including the right hon. Gentleman.

I understand that my hon. Friend the Under-Secretary is very familiar with this and has spent a lot of time talking to the pension trustees. There is a whole set of reasons behind this deficit, one of which is that employees are living longer; another is that the pension fund...

I understand that my hon. Friend the Under-Secretary is very familiar with this and has spent a lot of time talking to the pension trustees. There is a whole set of reasons behind this deficit, one of which is that employees are living longer; another is that the pension fund...

Yes, it is true, but the liabilities are much bigger. I shall explain in a moment how we will deal with the assets. The pension deficit, which is the starting point, threatens the very existence of the company. It is draining cash from Royal Mail's modernisation and preventing it from...

Yes, it is true, but the liabilities are much bigger. I shall explain in a moment how we will deal with the assets. The pension deficit, which is the starting point, threatens the very existence of the company. It is draining cash from Royal Mail's modernisation and preventing it from...

I believe I have given my hon. Friend that reassurance. Royal Mail will not subsidise its competitors, protections will be built in and there will be a genuine regulatory level playing field in a way that has not been quite true in the past. Previous attempts at legislation on Royal...

I believe I have given my hon. Friend that reassurance. Royal Mail will not subsidise its competitors, protections will be built in and there will be a genuine regulatory level playing field in a way that has not been quite true in the past. Previous attempts at legislation on Royal...

I am not making these commitments as political commitments. They are enshrined in regulation—regulation that will be strengthened and has the force of law. Of course, that is political in the widest sense if one regards this Parliament as political. The protections are going to be legal and regulatory; this...

I am not making these commitments as political commitments. They are enshrined in regulation—regulation that will be strengthened and has the force of law. Of course, that is political in the widest sense if one regards this Parliament as political. The protections are going to be legal and regulatory; this...

I will take one more intervention and then move to a conclusion.

I will take one more intervention and then move to a conclusion.

I am going to go on to explain the new mechanism. Would the hon. Gentleman like to wait until I reach the end, or does he wish to intervene on that particular point?

I am going to go on to explain the new mechanism. Would the hon. Gentleman like to wait until I reach the end, or does he wish to intervene on that particular point?

All right.

All right.

That has been happening for 13 years and it has not solved the problem. The problem is deteriorating and the Government cannot provide the investment capital. The right hon. Gentleman is right about public opinion. The public are concerned about the universal service obligation. That is the essence of public...

That has been happening for 13 years and it has not solved the problem. The problem is deteriorating and the Government cannot provide the investment capital. The right hon. Gentleman is right about public opinion. The public are concerned about the universal service obligation. That is the essence of public...

I am not familiar with the details of the argument in that case. I was referring to the fact that there has been a constructive relationship between the union and management on modernisation, but such issues do exist, and they are essentially commercial ones that must be dealt with by...

I am not familiar with the details of the argument in that case. I was referring to the fact that there has been a constructive relationship between the union and management on modernisation, but such issues do exist, and they are essentially commercial ones that must be dealt with by...

I will finish this section, then I will take the intervention from the right hon. Gentleman, who I know was a Minister and had close involvement with this matter. Some Members of the House will say that Royal Mail can modernise and survive while remaining in the public sector. They...

I will finish this section, then I will take the intervention from the right hon. Gentleman, who I know was a Minister and had close involvement with this matter. Some Members of the House will say that Royal Mail can modernise and survive while remaining in the public sector. They...

As I say, investment capital availability ultimately comes down to the individual decision of individual postmasters. As my right hon. Friend the Member for Wokingham (Mr Redwood) pointed out, these are individual investment decisions, but the network will in future be put on a structurally sound, properly funded basis. That...

As I say, investment capital availability ultimately comes down to the individual decision of individual postmasters. As my right hon. Friend the Member for Wokingham (Mr Redwood) pointed out, these are individual investment decisions, but the network will in future be put on a structurally sound, properly funded basis. That...

I will press on. The hon. Gentleman has had his say. In addition to funding, we are injecting new ideas. We have been re-thinking the role of post offices in providing Government and banking services, and we will be coming back shortly with a fuller statement on that problem, setting...

I will press on. The hon. Gentleman has had his say. In addition to funding, we are injecting new ideas. We have been re-thinking the role of post offices in providing Government and banking services, and we will be coming back shortly with a fuller statement on that problem, setting...

No. The relationship between Royal Mail and the Post Office rests on two things—first, on mutual interest. They have strong mutual interests and depend on each other. Secondly, there is a contractual relationship. This will not change as a result of the separation of the two. Public ownership did not...

No. The relationship between Royal Mail and the Post Office rests on two things—first, on mutual interest. They have strong mutual interests and depend on each other. Secondly, there is a contractual relationship. This will not change as a result of the separation of the two. Public ownership did not...

Obviously, such detailed matters will need to be resolved as the process of separation continues. It is a practical issue and, as it is a commercial matter, Post Office and Royal Mail will look for the most sensible, practical, least cost arrangement. For the foreseeable future, Royal Mail will be...

Obviously, such detailed matters will need to be resolved as the process of separation continues. It is a practical issue and, as it is a commercial matter, Post Office and Royal Mail will look for the most sensible, practical, least cost arrangement. For the foreseeable future, Royal Mail will be...

I will take interventions at the end of the next section of my speech. I have already given the hon. Gentleman answers to some of his questions. Communities up and down the country have rightly been concerned about the shrinkage of the network over previous years, and despite the efforts...

I will take interventions at the end of the next section of my speech. I have already given the hon. Gentleman answers to some of his questions. Communities up and down the country have rightly been concerned about the shrinkage of the network over previous years, and despite the efforts...

Yes, indeed. That is the outcome. For the past decade I and many on the Opposition Benches have been involved in fighting for our local post offices. In many cases, constituencies have seen the loss of a dozen post offices. That will come to an end.

Yes, indeed. That is the outcome. For the past decade I and many on the Opposition Benches have been involved in fighting for our local post offices. In many cases, constituencies have seen the loss of a dozen post offices. That will come to an end.