HC Deb 16 December 2002 vol 396 c541W
Mr. Yeo

To ask the Secretary of State for Trade and Industry pursuant to her answer to the hon. Member for Blaby (Mr. Robathan) of 2 December 2002,Official Report, column 518W, on the rural post office network, how much of the £450 million that will be made available for rural post offices from 2003–06 is paid out of funds derived from past profits made by the Royal Mail group and its predecessors. [86501]

Ms Hewitt

In line with my statement on 2 December, £450 million of Government money will be made available from £1.8 billion of gilts which Royal Mail group hold on behalf of Government. The gilts represent accumulated past dividends and cash generated by the business.

Unlike previous Governments we have decided to release these funds for investment, including in the post office network.