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| Version 2 | Version 3 |
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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' | 'Impossible to conclude' |
| Lord Mandelson said that the government remained convinced that selling off part of the Royal Mail was the best way forward. | 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 in a manner which would "secure value for the taxpayer", he added. | But under current market conditions it would be "impossible to conclude" the process in a manner which would "secure value for the taxpayer", he added. |
| I have always been clear that we would only do a deal with the private sector if it represented value for money for the taxpayer Lord Mandelson | I have always been clear that we would only do a deal with the private sector if it represented value for money for the taxpayer Lord Mandelson |
| "We have thoroughly tested the market to see who is interested in partnership, but economic circumstances, I need hardly point out, are extremely difficult," Lord Mandelson told fellow peers. | "We have thoroughly tested the market to see who is interested in partnership, but economic circumstances, I need hardly point out, are extremely difficult," Lord Mandelson told fellow peers. |
| He continued: "I have always been clear that we would only do a deal with the private sector if it represented value for money for the taxpayer." | He continued: "I have always been clear that we would only do a deal with the private sector if it represented value for money for the taxpayer." |
| 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. | 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. |
| For the Conservatives, Lord Hunt of the Wirral said that by putting the Postal Services Bill into "cold storage" to suit "short-term political ends", the government was leaving the Royal Mail pension plan in an "impossible position". | For the Conservatives, Lord Hunt of the Wirral said that by putting the Postal Services Bill into "cold storage" to suit "short-term political ends", the government was leaving the Royal Mail pension plan in an "impossible position". |
| Lord Mandelson replied: "This remains a matter for the company and the pension trustees." | Lord Mandelson replied: "This remains a matter for the company and the pension trustees." |
| Former postman and Labour peer Lord Clarke of Hampstead said Royal Mail workers and management were "living without certainty" because of the pension deficit. | |
| Lord Cotter of the Lib Dems said the government was "collapsing from the position" it put forward in support of the bill. | |
| Pension deficit | Pension deficit |
| 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. | 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. | 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 in the near future. | 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 in the near future. |
| 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. | 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. |
| More than 140 Labour backbenchers had signed a Commons motion critical of the plan and there had been rumours for weeks that the scheme could be shelved. | More than 140 Labour backbenchers had signed a Commons motion critical of the plan and there had been rumours for weeks that the scheme could be shelved. |