MP backs plan for Post Office

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PEOPLE finding it hard to balance their books might be able to save money and access affordable loans from their post office in the future.

Support is growing to make credit union services available at every post office counter across the country.

Credit unions are financial co-operatives, owned and controlled by their members, which provide inclusive financial services to communities up and down the country. As ethical, not-for-profit bodies, they are often the only place for low-income families and other peopleto put a little aside in savings each week or to access affordable loans.

At an event hosted jointly by the All-Party Parliamentary Group on Credit Unions and the Association of British Credit Unions (ABCUL), Worcester MP Robin Walker pledged his support to the scheme which he said would require “an investment of only a few million pounds” to set up behind-the-scenes IT and administration systems allowing any credit union member to walk into any post office branch and access their account.

Clifford Hobbs, chairman of Black Pear Savings and Loans, Worcestershire’s Credit Union, said: “We think this is a very good idea and if it helps us to reach more of the people we are here to help it must be a good development. Credit unions have been transformed over the last decade, tripling membership and more than quadrupling their assets.

“One of the key challenges now is to scale-up in order that credit unions are accessible to many millions of people.

“Without a large branch network this is very difficult to achieve and while credit unions have the services, the Post Office has the network.

“The proposal would see us become visible and accessible on almost every high street while creating welcome new income for the Post Office.”

Mr Walker said: “Credit unions provide an important service in our community helping everyone, including those on the lowest incomes, manage their finances and access services on fair terms.

“Similarly, the Post Office provides many valued and trusted services in our communities, including to many on a low-income such as those on benefits or the state pension.

“Making credit union services available through the Post Office would cost relatively little while giving everyone access to fair financial services and helping to secure the future of the local sub-post office.”