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Postal Services Bill [HL]

If I am being less than accurate, I am only citing the figures that Adam Crozier gave as chief executive of Royal Mail when the committee, of which my noble friend was previously the chairman, asked for them. He remarked that it had cost Royal Mail £100 million. I am saying that if that loss were removed, £100 million could go to the balance sheet. That is pretty plain for everyone here to see. I hope that my noble friend Lord Mandelson will look at this again. I admire a lot of what has been said in the Hooper report, and I agree with it, but I do not agree that 30 per cent of Royal Mail—as I say, it could be more than that—should be sold. We should allow things to develop. Let us see how things go, because Royal Mail is losing on one thing but is very strong on the other—the parcel business—which would be lost with a public/private partnership. I think that it will be taken over. As I say, I have not had a reply to the questions that I have been asking, but I think it is possible for Royal Mail to be profitable if the shackles are removed. I see no reason why it should not be. It cannot go for a loan. I hope that my noble friend will give us some words of encouragement when he replies. I shall be very interested to hear what he has to say.