Royal Mail sell-off moves a step closer
Proposed legislation allowing the privatisation of Royal Mail has passed through the House of Commons.
Royal Mail: Commons approves privatisation bill
The coalition Government's Postal Services Bill passed its third reading in the Commons yesterday (12 January), with 319 MPs voting in favour and 238 against.
There was a failed attempt to amend the bill to force Royal Mail to guarantee its custom for 10 years to the Post Office, which would remain state-owned.
The bill provides for the regulation of Royal Mail to be passed from Postcomm to media and telecoms regulator Ofcom, which will be expected to maintain a sustainable and efficient universal postal service, while deregulating more quickly in competitive parts of the market.
It also provides for up to 10% of shares to be transferred to Royal Mail employees.
The bill now requires the approval of the House of Lords before becoming law.
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