In 1997, Royal Mail was a company that could hold its own with most postal administrations around the world. It needed reform and it needed investment, but it was not balance sheet insolvent or loss-making and it was not as fragile as it is today.
Mr Deputy Speaker, what happened between 1997 and 2010? I will tell you. There was dereliction of duty by the Labour Government, on a massive scale. There were post office closures, lack of investment in Royal Mail and the pension deficit ballooned.
This Government will not shirk our responsibilities. We will take the tough decisions. We will invest in the Post Office. We will free Royal Mail for the investment it needs. I commend the Bill to the House.