Royal Mail - Mentions in Lords 22 May 2013

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Lord Dykes (Liberal Democrat)

To ask Her Majesty’s Government whether, in their planned flotation of shares in Royal Mail, they will ensure that priority is given to employees of Royal Mail to buy shares in addition to the 10% already reserved for them.

Viscount Younger of Leckie (Conservative)

It is too early to confirm any details regarding the sale or the options for share ownership for employees, beyond our obligation to make available at least 10% of the shares in Royal Mail for an employee share scheme by the time the Government have sold their last share. However, it is very much the Government’s intention that the offer will be attractive to Royal Mail’s employees. The success of any company is dependent on its employees and they should be able to have a real stake in the business.

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Lord Dykes (Liberal Democrat)

To ask Her Majesty’s Government whether they intend to retain Royal Mail as a public sector company able to make profits and subject to HM Treasury control.


Viscount Younger of Leckie (Conservative)

It is the Government’s intention to conduct a sale of Royal Mail shares this financial year (2013-14) to give it future access to private capital and the accompanying commercial disciplines needed to secure the future of business and the universal service.

This is in line with the recommendations of the Independent Review of the Postal Service, led by Richard Hooper, in its report in 2008 and its updated report in 2010, which were accepted by Government and enabled by Parliament through the Postal Services Act 2011.

We have not made a decision on the precise form a transaction will take. Once we have made a decision to undertake a sale we will report the details to Parliament as required by the Postal Services Act. However, it is not our intention to retain a stake in the longer term.

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