Gregg McClymont
Main Page: Gregg McClymont (Labour - Cumbernauld, Kilsyth and Kirkintilloch East)Department Debates - View all Gregg McClymont's debates with the Department for Education
(10 years, 3 months ago)
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Michael Fallon
I am disappointed that the hon. Gentleman should talk down British exporting and British manufacturing at precisely the time we see a renaissance not only in our automotive industry but in our aerospace and other industries. Of course trading conditions are tough, not least with problems in the eurozone and elsewhere, but exports are up and we continue to help drive increased export performance through supporting small and medium-sized enterprises and mid-sized businesses.
Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)
4. What assessment he has made of the value for money achieved for the public purse through the recent sale of shares in Royal Mail.
The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)
With permission, Mr Speaker, I will answer this question together with Question 5.
Michael Fallon
I was hoping there would be some interest in this question.
We believe that value for money should be assessed over the long term and should consider not merely the proceeds from the initial sale but the value of the taxpayer’s retained stake in Royal Mail and the reduced risk to the taxpayer and the six-day-a-week universal service of a stable company with access now to private capital.
Gregg McClymont
Given the botched and imprudent sale of the first tranche of Royal Mail shares by this Government at the expense of taxpayers, the public will be concerned about the emerging reports that the Government intend to sell off the remaining family silver before the next election. Will the Minister confirm whether those reports are accurate?
Michael Fallon
I can confirm, first, that the sale of Royal Mail was a success. Unlike the hon. Gentleman, I am delighted that the shares have risen in value, reflecting Royal Mail’s interim trading results and the long-overdue agreement with the union. Any decision on a sale of the remaining stake is still to be taken.