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Heseltine frees Parcelforce cash
Page 8
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• Parcelforce is to be freed by the Government to continue its long-delayed investment programme in a network of large distribution centres.
Trade Secretary Michael Heseltine's decision to give the Post Office more commercial freedom within the state sector means that the Post Office can plough back more of its funds into improving service at Parcelforce, Royal Mail and Post Office Counters.
However, Heseltine has not removed all borrowing constraints and Parcelforce will not comment on the Post Office move until it received more details from the Department of Trade and Industry.
Parcelforce's multi-millionpound investment programme was interrupted after Heseltine began his review of the future ownership of the Post Office two-and-a-half years ago.
Last November he abandoned plans for privatisation in the face of opposition from Tory backbenchers.