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Laura

Royal Mail Sell-off Shelved

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Lord Mandelson told the House of Lords that there was "no prospect" of the sale going ahead in the current economic circumstances.

A delay in the controversial sell-off, which is opposed by many Labour MPs, had been expected after Lord Mandelson said on Monday his Postal Services Bill was being "jostled" for space in the legislative programme.

He told peers that the state of the economy made it "impossible" to obtain value for money for the taxpayer.

But he claimed: "When market conditions change, we will return to the issue."

Ministers had argued that private sector money was needed to secure the future of the Royal Mail, which is facing a pension deficit of up to £8 billion.

They hoped to find a private partner willing to take a stake in the company to fund much-needed modernisation. But the plan ran into difficulties when the main suitor, Dutch postal operator TNT, indicated that its interest was cooling over the valuation put on Royal Mail.

Meanwhile, ministers faced bitter opposition from the Communications Workers Union (CWU), which threatened to vote on disaffiliation from the Labour Party.

And Prime Minister Gordon Brown was facing the prospect of large-scale rebellion at the second reading of the Postal Services Bill in the Commons after 150 of the party's backbench MPs signed a parliamentary motion opposing the sell-off.

CWU general secretary Billy Hayes said: "The Government has not only looked at market forces but has listened to the British public. Privatisation was a deeply unpopular suggestion from day one."

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because private compaines know if they wait a bit longer the government would pump in money and it'll be much cheaper than buying it now and pump the money themselves.

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Guest sillybear2

Not for long... the govt is broke, they need the money not to mention the assets of £20b held in their pension fund.

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Lord Mandelson told the House of Lords that there was "no prospect" of the sale going ahead in the current economic circumstances.

As an IT contractor I'm getting a bit fed up with cancelled this, postponed that.

We leeches need these daft projects to latch onto and if that means higher taxes then that's a price I'm prepared for the rest of you to pay. :P

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This Government is a dead man walking. The Tory party will inherent the decision on Royal Mails future. My gut feeling is a 49% sell off to a foreign mail operator, followed by the remaining 51% at a later date. The sale will only take place after the "Royal" has been removed from the title so expect a name change to proceed the announcement.

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Has there been one single policy in the past 12 months that hasn't been abandoned in an embarrassing u-turn?

Apart from printing sterling in huge amounts of course.

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Not for long... the govt is broke, they need the money not to mention the assets of £20b held in their pension fund.

The assets?

What you mean like Westfield in White City and assorted other shopping centres?

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He told peers that the state of the economy made it "impossible" to obtain value for money for the taxpayer.

As if that slimy c u * t gives a $hit about the taxpayer.

:lol:

But he claimed: "When market conditions change, we will return to the issue."

Yeah, well hopefully they'll be out of office by then.

Edited by Von Moses

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Guest sillybear2
The assets?

What you mean like Westfield in White City and assorted other shopping centres?

I guess such centres are being killed off by mail order and internet :lol:

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I know its a VERY high price to pay but this IS the END of the Labour party.

Also just imagine how lucky you are this didn't happen on the Tory watch, just think what eveil tripe Labour would now be able to foster on this Great & good land!

Mike

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This Government is a dead man walking. The Tory party will inherent the decision on Royal Mails future. My gut feeling is a 49% sell off to a foreign mail operator, followed by the remaining 51% at a later date. The sale will only take place after the "Royal" has been removed from the title so expect a name change to proceed the announcement.

How about a nice catchy name like..............Consignia?

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How about a nice catchy name like..............Consignia?

What a weird name.

Where did that come from, the universal river of consciousness?

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