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Postal Services Bill [HL]

I believed that I was making exactly the same point about practicalities as the noble Lords, Lord Lea and Lord O'Neill. We must look at this realistically. I fear that I am approaching this as a lawyer. What guarantee is there that you will find a partner to participate on a loan basis? There is no empirical basis for that statement. If we amended the Bill in the way that is now sought it would tie the hand of the negotiators in an absolutely appalling manner. We need a much looser arrangement so that a strategic partnership can be achieved. That is the aim. But you have to trust your negotiators to do that in a manner that protects the interests of the state but that is commercially feasible. Do not say now that it must be done by way of loan. If you are going to raise the question of loan, start asking yourself who is the big player who is going to bring in a sum of up to £1 billion, or perhaps more. What sort of commercial conditions will he want to put in his loan agreement? What sort of fetters is he going to want to put on the power and control vested in the board? They would be binding—I referred to case law on the previous occasion—if an agreement was made that the board would act in a particular way unless that was contrary to some provision in the statute. My plea today is not to tie the hands of the Secretary of State in an impossible manner at this early stage.