Johnston Press: Administration
Lisa Nandy Excerpts(5 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Lisa Nandy (Wigan) (Lab)
We do not need a review to tell us that this is a story of pure greed. A handful of people have creamed off huge profits and left a debt-laden struggling company in the hands of hedge funds, with staff yet again paying the price. That hedge fund rescue package will be of little comfort to smaller titles like the Wigan Evening Post and the Wigan Observer that will not prove lucrative for asset strippers and face a very uncertain future at best. Will the Secretary of State intervene to ensure that long-term guarantees are provided for those smaller titles? They are not just the lifeblood of local democracy, as he rightly said; they are also the only talent pipeline left for young working-class people to break into journalism, and those young people are today left wondering what on earth the future holds for them.
Jeremy Wright
These titles are important, for the reasons that the hon. Lady gives. As I have explained, there are good reasons why I must be cautious at this stage in what I say about this particular transaction, but she has my assurance that I will be looking for the new owners of these titles to give what assurance they can that they recognise what she has said, what I have said and what we have all said so far in this exchange about the importance of these local titles and the need to maintain them where we can.