§ 5. Sir G. Nabarroasked the Minister of Posts and Telecommunications, having regard to the mounting loss of the Post Office Giro, whether he will now state his estimate of the cumulative Giro loss at the financial year end, 31st March, 1972, of the Post Office Corporation; and how he proposes, by loan or other wise, to finance such loss.
§ Sir J. EdenI have no later figures than those given to my hon. Friend on 19th January, and would ask him to await the board's report and accounts for this year.—[Vol. 829, c. 433.]
§ Sir G. NabarroIs my right hon. Friend aware that that will not be until the autumn? As the Giro is continuing to lose large sums of money and has already lost £25 million, and is the lamest 485 of all lame ducks, would it not be appropriate for a new Minister to sweep the yard clean and get rid of this unwanted service, handing it over to the joint stock banks which already have equivalent and much better services?
§ Sir J. EdenA decision about the future of Giro has already been taken and it is now our aim to ensure that it improves in profitability.
§ Mr. Gregor MackenzieIs the right hon. Gentleman aware that we hope he will reject the opinion of his hon. Friend that it is a lame duck? Is he further aware that this is a very useful service for many people? Does he realise that it has been suggested by the Post Office and from these benches on many occasions that the best way the Minister could encourage the use of Giro would be for him and his Government colleagues to give a lead by enabling Government Departments to use the Giro service to the fullest extent?
§ Sir J. EdenThe last point raised by the hon. Getleman is a matter for individual Government Departments.