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Postal Services Bill [HL]

I start by responding to the latter point made by the noble Lord, Lord Razzall. While I cannot, perhaps, articulate why there are concerns, I can tell you why there should not be concerns. The issue is that liabilities—currently estimated to be some £29 billion—are being taken on and underwritten by the taxpayer on a pay-as-you-go basis. The assets of the scheme are being transferred to the Government, except to the extent that sufficient assets will be left with RMPP to cover its liabilities at the point at which the split occurs. The proposition that the Government are somehow pinching the assets is misguided. Liabilities are being taken on that are expected to exceed considerably the value of any assets that the Government will take on.