Adrian Bailey
Main Page: Adrian Bailey (Labour (Co-op) - West Bromwich West)Department Debates - View all Adrian Bailey's debates with the Department for Education
(10 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Michael Fallon
It is not unusual to see some share price volatility in the immediate aftermath of a sale. Let us be clear: this sale was popular, oversubscribed and successful. When the Labour Government tried to sell Royal Mail, they failed.
Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)
Will the Minister tell us how much money was paid to Lazard for so comprehensively undervaluing Royal Mail?
Michael Fallon
The fees paid to the Government’s advisers will be disclosed in the normal way to the National Audit Office, which is of course looking at this sale as they looked at the Northern Rock sale, but they compare favourably to the fees paid to advisers by the Labour Government in the sale of QinetiQ 10 years ago, when 10 senior managers were allowed to walk away with £107 million and no shares were sold to the public.
Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)
What assessment has the Secretary of State made of the impact of the funding for lending scheme on investment in small businesses?
Vince Cable
The funding for lending scheme has had a very significant impact on the mortgage market. It has had a much lesser impact on small business, but it has recently been adapted, and I believe it has been used by some of the new competitor banks such as the Aldermore. We certainly welcome that.