§ 8. Sir G. Nabarroasked the Minister of Posts and Telecommunications what is the estimated loss, revised and cumulative to the latest convenient date, of the Post Office Giro; whether he will publish the salient recommendations in the Cooper Brothers report on the finances of the undertaking; whether the reconstruction of Giro is yet complete; and what financial objectives have been agreed.
§ 13. Mr. Bruce-Gardyneasked the Minister of Posts and Telecommunications whether he has yet received proposals from the Post Office for Giro tariff increases in conformity with the recommendations of the Cooper Brothers report.
§ Mr. ChatawayI have nothing as yet to add to the answers I gave on 19th January and on 9th February to my hon. Friends the Members for South Angus (Mr. Bruce-Gardyne) and Worcestershire, South (Sir G. Nabarro).—[Vol. 829, c. 433–5; Vol. 830, c. 1312–4]
§ Sir G. NabarroAs I have estimated the cumulative loss up to next March at approximately £20 million, which is a sensible estimate, may I ask my right hon. Friend to bear in mind that this is the lamest of all lame ducks among the nationalised industries? As public capital is entailed, is not the House of Commons entitled to know what the accountants recommend in their report?
§ Mr. ChatawayCooper Brothers' report, following a large number of past precedents, was commissioned on the basis that it should be frank about things and people. It could have been commissioned on some other basis which would have been suitable for publication, but it would have been less use for the purpose in hand. I appreciate that my hon. Friend is anxious to see the new tariff structure introduced as soon as possible in order that the Giro may move into profit, and I assure him that no time will be wasted on that.
§ Mr. Simon MahonIs the Minister aware of the great efforts being made by 3,500 of my constituents to make Giro a great success? Will he remind his hon. Friend the Member for Worcestershire, South (Sir G. Nabarro), who knows my constituency, that he should know that any industry or commercial undertaking which has the good sense to come to Bootle is bound to fructify and blossom eventually?
§ Mr. ChatawayIt is right that there should be concern about Giro and whether it could be profitable. However, nobody was anxious, for the sake of it, to deprive the Post Office, alone among European post offices, of the opportunity of running a transmission service which could be more up-to-date than postal and money orders. We are now determined to carry through the restructuring recommended by Cooper Brothers to put Giro on a viable foundation.