His contribution may be seen in context here

My Lords, under Amendment 21A, one of the greatest regrets about the manufacturing base of this country is that companies in the public interest were disposed of without the kind of assurance that is being asked for here. If we look at steel, coal-mining and our car manufacturing bases, public interest in those companies was disposed of in the hope that the people who took them on would make them more viable, but when they took them over they explained that these businesses were not viable. Before we knew where we were our car manufacturing base and our steel industry were not about any more.

It worries me that if you get rid of any public interest-in the case of the Post Office, it is the Crown's interest-before you are quite certain that whatever company is created will be viable at least through some financial times, you will be in real difficulty. It would be very easy for whoever takes these organisations on to say "By the way, when we looked at the books, they were not what we thought they were". Then someone else buys it and takes it on, and before you know where you are the Royal Mail and those other places are not about.

Although it is difficult to put it in the Bill, the assurance that this amendment seeks is absolutely necessary. As long as there still is Crown interest in the Post Office, there is a chance that we may do it properly. As soon as that goes-before there is the assurance sought in this amendment-I am afraid that we may end up with what happened to British Steel, coal-mining and the car industry.