25 minutes ago, Lord Mandelson responded to a question on Royal Mail in the House of Lords. He said the following:

‘Market conditions have made it impossible to conclude the process to identify a partner on terms that we can be confident would secure value for the taxpayer.

There is therefore no prospect in current circumstances of achieving the objectives of the Postal Services Bill. When market conditions change we will return to the issue.

We remain convinced that Hooper’s combined package offers the best chance of securing the universal postal service while protecting Royal Mail pensions’.

Reflections in due course…

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