Robin Walker
Main Page: Robin Walker (Conservative - Worcester)Department Debates - View all Robin Walker's debates with the Department for Education
(11 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Michael Fallon
It would be very odd to deny Royal Mail—a business with a turnover approaching £9 billion—access to the capital markets that other large, successful companies enjoy, and which it will need in order to innovate and invest for the future. It would also be wrong to withhold from its 130,000 staff the chance that Parliament has given them to own shares in the company.
Mr Robin Walker (Worcester) (Con)
Having served on the Committee that considered the Postal Services Bill, I welcome my right hon. Friend’s determination to implement the will of this House and to succeed where the previous Labour Government tried and failed. Is it not clear that for Royal Mail to benefit from the enormous growth in online retail, and consequently in its parcels business, it needs to be free to invest without competing for scarce public money?
Michael Fallon
My hon. Friend puts it very well. Royal Mail, like any business, needs capital to be sustainable over the long term in order to continue to improve its efficiency, to invest, to innovate, and to seize the opportunities presented by new markets, not least those arising from online retailing. It should not have to compete for scarce public capital against other services such as schools and hospitals.