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POST OFFICE TO REMAIN IN PUBLIC SECTOR

News, 01 April 1998

TRADE AND INDUSTRY SECRETARY Margaret Beckett announced to the Commons that the Post Office is to remain in public ownership. Ian McCartney, minister with specific responsibility for the PO, added that the ongoing review, due for completion in the autumn, would cover a range of issues including the sale of a minority stake to the private sector to raise external finance. Neville Bain, the PO's recently appointed chairman, commented: ‘The Post Office can only succeed within the public sector framework if it has the necessary capital, can invest that money in joint ventures and partnerships with private sector companies, and share its success in a meaningful way with its customers and employees.’