Business, Enterprise and Regulatory Reform written question – answered on 4 March 2009.
Stephen Byers
Labour, North Tyneside
To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform how much of the £1.2 billion loan made by the Government to Royal Mail has been spent; when the loan was expected to be taken up; when the full amount of the loan will have been taken up; and if he will make a statement.
Pat McFadden
Minister of State (Department for Business, Enterprise and Regulatory Reform) (Employment Relations and Postal Affairs), Member, Labour Party National Executive Committee
holding answer
Royal Mail has spent or committed £600 million on modernisation so far and is expected to draw down the full £1.2 billion loan facilities Government have made available over the next two years, to assist with implementation of their existing transformation plan.
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