UKG100045936
UKGI00045936
Message
From: Callard, Richard - UKGI j.
Sent: 11/04/2017 14:45
To:
cc: Russell, Mark - UKGI
Subject: POL update for your meeting with Alex
Hi Robert
Mark asked me to email you to update you on where we are on Post Office, in light of your forthcoming conversation
with Alex Chisholm:
Happy t
You will recall the difficulties we’ve been having on POL funding and the sensitivities around providing advice to
the SoS
Following on from our meeting, we learnt that the BEIS Commercial team had been asked by Alex to review
UKGI’s work. That was done very quickly, and they have not found anything particularly material upon which to
comment, but the BEIS centre clearly felt there was a need to bring in their own people (either to gain their own
re-assurance, or because they felt the SoS would not rely on UKGI’s work alone)
In conversation with an old colleague who now works in BEIS finance, he was quite clear that there was a lot of
scepticism about UKGI’s role generally within BEIS, particularly where they have the old DECC Commercial team
on hand. The “model” of having people on the board, being close to our companies etc, is not fully understood
across BEIS (although I think Alex gets it).
My overriding remaining concern on POL is how we “land” such a complex and multi-faceted funding case. It
would be difficult enough at the best of times, but given that the SoS has asked for advice that goes to HMT and
him simultaneously (and he does not particularly want to receive any briefing alone as that negates his strategy
to bind HMT in), it does make it very difficult to get our messages across and bring this to a conclusion. For
business reasons (and those of getting state aid approval by 31% March 2018), the lack of agreement on funding
starts to increase the level of risk that the business faces from around the end of May onwards.
‘0 discuss if required, telephone numbers below.
Kind regards
Richard
Richard
Callard I Executive Director I Post Office and Green Investment Bank Shareholder Teams
UK Government Investments
1 Victori
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GRO —
ia Street I London I SW1H OET