Royal Mail
Debate between Vince Cable and Baroness Brown of SilvertownUrgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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Vince Cable
The right hon. Gentleman’s initial remarks are apposite. Successive Governments have tried to privatise the Royal Mail for a long period. I would understand it if the Opposition had taken a principled stand on public ownership, but they have not. Indeed, I inherited a failed privatisation from the Labour Government and we made a success of it.
Lyn Brown (West Ham) (Lab)
We now know that the Royal Mail trebled its profits while in public ownership. Does that not undermine the Government’s case for flogging it off in the first place?
Vince Cable
It does not at all. The fact that the Royal Mail was improving its commercial performance is very good news, but it was over one year and it had to be sustained. The only way in which its profitability could be maintained was through large-scale investment, and the only way in which it could entertain making large-scale investment was by using capital markets under private ownership.
Oral Answers to Questions
Debate between Vince Cable and Baroness Brown of Silvertown(11 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Vince Cable
The real value of the minimum wage started to fall under my predecessors in the wake of the financial crisis, and on each occasion, I, like my Labour predecessor, have followed the advice of the Low Pay Commission. The levels that have been set reflect that independent advice.
Lyn Brown (West Ham) (Lab)
13. What recent estimate he has made of the number of female entrepreneurs.