Government legislation to safeguard the future of Royal Mail and keep the Post Office in public ownership has  been agreed by both Houses of Parliament.

Business Secretary Vince Cable said:

"Today marks a significant milestone for Royal Mail. Legislation has now been agreed that will help tackle the huge challenges facing the company.

"Royal Mail and the Post Office are important and cherished parts of our society. It was vital we took swift action to put them both on a sustainable footing.

"Passing the legislation, reforming regulation, getting state aid approval, tackling the pension deficit - these are all vital steps that will provide momentum towards a sale of Royal Mail. They will also give the company the security and certainty it needs to press ahead with its essential modernisation programme."

During the final debate in the House of Commons today the Minister for Postal Affairs Edward Davey set out the next two crucial steps that need to be taken to secure the future of Royal Mail: obtaining state aid approval from the European Commission and changing the regulatory regime.

http://www.uk.coop/postoffice [1]

2. The Postal Services Bill and an accompanying policy statement which explains the Government's approach can be accessed here: http://www.bis.gov.uk/policies/business-sectors/postal-services/postal-services-bill-2010 [3].

3. The Postal Services Bill has been informed by the recommendations of Richard Hooper CBE in his independent updated report on the future of the universal postal service. "Saving the Royal Mail's universal postal service in the digital age" was published on 10 September 2010. This report can be accessed here: http://www.bis.gov.uk/hooper-report [4].

4. BIS's online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom [5] for more information.