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Royal Mail Takeover

16 December 2024

Lead MP

Justin Madders

Debate Type

Ministerial Statement

Tags

EconomyEmployment
Other Contributors: 22

At a Glance

Justin Madders raised concerns about royal mail takeover in the House of Commons. A government minister responded. Other MPs also contributed.

How the Debate Unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said:

Government Statement

EconomyEmployment
Government Statement
With permission, the Minister for Employment has made a statement regarding the takeover bid of International Distribution Services plc by EP Group. Royal Mail, an iconic institution, is currently facing financial challenges with a loss of £348 million in its most recent fiscal year and failing to meet quality service targets set by Ofcom, resulting in fines. The Government's objectives are to strengthen Royal Mail’s sustainability and protect customers, workers, and the brand. They have secured legally binding undertakings from EP Group that include a golden share for the Department of Business and Trade ensuring that Royal Mail cannot move its headquarters or tax residency without government approval. Additionally, value extraction is subject to financial and quality tests; there are commitments to prevent indebtedness and poor service performance. The agreement includes modernisation funds over three years, debt restructuring, retention of essential assets, adherence to regulatory obligations, brand protection, continued international responsibilities, and facilitation for future discussions between the government and any new owner. Copies of the deed will be placed in both Houses' Libraries.

Shadow Comment

Harriett Baldwin
Shadow Comment
The Shadow Minister acknowledges Royal Mail's importance as an institution and service provider, thanking postal workers for their hard work during challenging weather. She highlights the financial challenges faced by Royal Mail due to declining letter volumes and poor service delivery resulting in Ofcom fines. The shadow questions the minister about guarantees on service provision, job commitments, employee ownership percentage, clarification on tax residency duration, ongoing government role with Ofcom, universal service obligation reform discussions, risks of takeover, impacts on Post Office branches at risk of closure, and concerns raised by Royal Mail over recent Government policies.
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