Mandelson “not for turning” over Royal Mail
Lord Mandelson has reiterated his desire to sell a 30% stake in the Royal Mail, despite reports of a bid from CVC Capital Partners falling below estimations.
Lord Mandelson has reiterated his desire to sell a 30% stake in the Royal Mail, despite reports of a bid from CVC Capital Partners falling below estimations.
With the unpopular policy also facing a possible defeat in the Commons, the business secretary announced in a BBC interview on 31 May that “Mandelson and the Cabinet are not for turning … The government is going to proceed with this legislation … It is essential to do two things: one, keep the Royal Mail in the public sector – and we will – but secondly, make the changes that transform the business to enable us to sustain the better delivery service for the whole of the future.”
Mandelson’s comments came off the back of several newspaper reports that CVC Capital Partners had bid for the 30% stake – but offered significantly lower than what the government expects.
In further developments, the Financial Times reports that specuation is growing over a potential promotion of Lord Mandelson to foreign secreatary, which would allow the government to drop the controversial Postal Services Bill.
