Royal Mint

EDM number 2115 in 2008-09, proposed by John McDonnell on 20/10/2009.
Categorised under the topics of Employment and Non-departmental public bodies.

That this House notes with concern the conclusions of a review of the Royal Mint, published as part of the Treasury's operational efficiency programme, that there should be an introduction of private capital into the Royal Mint to allow business to take advantage of the resources and opportunities which come from moving outside the public sector; is concerned that this indicates an intention to privatise the Royal Mint, a plan evidently facilitated by the measures underway to convert the Mint from a trading fund into a government-owned company; questions the benefits of privatisation, given the Mint's record of success in the public sector, turning a financial deficit into a £10 million surplus in 2007-08 and an £8 million surplus in 2008-09, and the risks involved in any greater reliance on private capital at a time of recession; and registers its concern about the implications of privatisation for the Royal Mint's world-renowned brand, underpinned by a 1,000-year history, and for its 750 staff in South Wales, an economically deprived area hit hard by the recession, whose livelihoods could be at risk if a new owner, seeking to boost profits, were to cut back on jobs, pay and conditions, or even transfer the work abroad.

This motion has been signed by a total of 40 MPs.