Support grows for Post Office bank

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Calls for a bank to be set up at the Post Office are gaining growing support from MPs, with more than 200 signing a Commons motion backing the idea.
The early day motion (EDM) calling for a state-backed bank to be established in the Post Office has won the support of 128 Labour MPs, 50 Liberal Democrats and politicians from a number of other parties.

The motion is now in the top 10 of current EDMs before Parliament.

Billy Hayes, general secretary of the Communication Workers Union, said: "Popular support in the Commons for a Post Bank is fantastic news. The need has never been greater to support local communities and businesses and provide trusted banking services. Establishing a Post Bank now would be a good move politically and financially for the Government."

John Wright, chairman of the Federation of Small Businesses, said: "It's great to see MPs recognise that Post Offices play an essential role at the heart of our communities. Small businesses have told us that they would like to see banking services redirected through the Post Office and as many as two in five said they would bank with a Post Bank.

"We hope the Government recognises the high level of support from almost two thirds of all MPs for the establishment of a Post Bank, particularly from within its own party."

Dot Gibson, of the National Pensioners Convention, said: "It's good to see that at least a third of MPs recognise the value of having a decent post office network that can offer secure banking facilities to local communities across the country. Now it's time the Government supported the idea as well."

Paul Reuter, national officer of Unite, said: "There is clearly an appetite for a banking network that would reverse the trend of exclusion of local communities and improve services to small businesses, whilst at the same time supporting and maintaining the post office network.

"The Post Bank - at the People's Post Office - offers an opportunity for social inclusion, security and innovation in the banking sector which Government must endorse."