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| Version 0 | Version 1 |
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| 'No prospect' of postal sell-off | 'No prospect' of postal sell-off |
| (10 minutes later) | |
| There is "no prospect" of the partial sell-off of the Royal Mail going ahead in the "current circumstances", Lord Mandelson has told peers. | There is "no prospect" of the partial sell-off of the Royal Mail going ahead in the "current circumstances", Lord Mandelson has told peers. |
| The business secretary announced in the House of Lords that the state of the economy had made it "impossible" to complete a deal on favourable terms. | The business secretary announced in the House of Lords that the state of the economy had made it "impossible" to complete a deal on favourable terms. |
| "When market conditions change we will return to the issue," he told peers. | "When market conditions change we will return to the issue," he told peers. |
| The partial sell-off, opposed by many Labour MPs, had been due to go before Parliament before the summer break. | The partial sell-off, opposed by many Labour MPs, had been due to go before Parliament before the summer break. |
| 'Impossible to conclude' | |
| Lord Mandelson said that the government remained convinced that selling off part of the Royal Mail was the best way forward. | |
| But under current market conditions it would be "impossible to conclude" the process, he added. | |
| BBC political correspondent Laura Kuenssberg said the government was understood to have had difficult finding a business that would buy part of the Royal Mail. | |
| The business secretary said on Monday that the bill was being "jostled for space" among other legislation ministers wanted to conclude before Parliament breaks for the summer. | |
| Lord Mandelson said on Monday that the partial sell-off would not happen until "later", but the Lords statement is the first time he has confirmed that the part sale will definitely not go ahead for now. | |
| There has been growing speculation that the partial sell-off, which is controversial within the Labour Party, will not go ahead before the next election. | |
| Ministers say private sector money needs to be brought in to help rescue the Royal Mail as it faces a pension deficit estimated at up to £8bn. |