Postal Services Bill

Part of Planning (Developer Bonds) – in the House of Commons at 4:23 pm on 27th October 2010.

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Photo of Adrian Bailey Adrian Bailey Chair, Business, Innovation and Skills Committee 4:23 pm, 27th October 2010

Certainly John Lewis did that, but he did not just hand it over-there was a process by which he ascertained the willingness of others within the business to accept it. That situation has to be created. I could equally point to the situation in the '70s when co-operatives failed because they did not have that in place.

I oppose the Bill because it is fundamentally flawed. At the Lib Dem conference, the Secretary of State said, "Capitalism takes no prisoners," but since then he seems to have been on a private journey. That is demonstrated by this Bill, in which he puts forward a solution based on a brand of capitalism that I would describe as cuddly capitalism, whereby shareholders will forgo their private profit in order to embrace a co-operative and mutual solution that mitigates the social impact of their drive for profits.