The sale of Royal Mail to Czech billionaire Daniel Kretinsky has been approved by the government. Business Secretary Jonathan Reynolds says the deal “strengthens” protections that the UK has. Report by Ajagbef. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00Well, it'll be shareholders who approve this deal or not, but the agreement that we have
00:04reached means if that does go ahead, this would be a good deal for the UK, be a good
00:08deal for the people who work for Royal Mail, and of course it'd be a good deal for the
00:12customers. It actually strengthens the protections that we have, increases what was in place
00:16following the privatisation of Royal Mail with a golden share for the UK government
00:20covering things like the business being headquartered in the UK and paying tax here. Despite Royal
00:25Mail being an entirely privatised business, we have secured, through the UK government's
00:30negotiating team, stronger protections than were in place. When we said as a government
00:35that we would work with the private sector to improve public services, to improve investment,
00:39the conditions for the economy in the UK, this is what we mean. By approaching this
00:43in the right way, if this takeover goes ahead, we're going to be in a stronger position than
00:46we otherwise would have been.