This paper outlines the Government's proposals that aim to safeguard the universal postal service and secure sustainable futures for the Royal Mail and the Post Office. It follows on from two reports by Richard Hooper (qModernise or decline ... q, Cm. 7529, 2008, ISBN 9780101752923 and qSaving the Royal Mail's universal postal service in the digital ageq, Cm. 7937, 2010, ISBN 9780101793728). The associated Postal Services Bill (Bill 78, ISBN 9780215546357) will allow private sector investment in Royal Mail to bring in commercial disciplines and the potential for new capital. The Government will sell shares in Royal Mail to achieve this investment. An employee share scheme will also be established which will hold at least 10 per cent of the equity in Royal Mail. The historic pension deficit of some Ap8.4 billion will be transferred to Government and a new public sector pension scheme created. The Government also makes clear that the Post Office is not for sale, but the Bill allows for the possibility of mutual ownership in the future. Finally, the regulation of the postal services sector is to be modernised. The responsibility for the mail sector will transfer from Postcomm to Ofcom, with a primary responsibility to act in a way that will secure the future of the universal postal service. Extra safeguards for the universal postal service are put in place by the Bill.This paper outlines the Governmenta#39;s proposals that aim to safeguard the universal postal service and secure sustainable futures for the Royal Mail and the Post Office.
|Title||:||Delivering for the future|
|Author||:||Great Britain: Department for Business, Innovation and Skills|
|Publisher||:||The Stationery Office - 2010-10-13|