PM Announces Expanded Financial Services Role For PO

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Prime Minister Announces Expanded Financial Services Role For Post Office

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The Prime Minister today announced a much bigger role for Post Office in providing financial services, to increase the accessibility of reliable financial products for consumers and small businesses.

The Prime Minister said:

“I want the Post Office to play a much bigger role, bringing banking services back to the heart of people’s communities.”

Business Secretary Lord Mandelson said:

“The Post Office is one of the country’s great assets. It is a trusted institution that offers face-to-face contact in the heart of local communities.

“The time is right to build on these strong foundations and substantially increase the banking services it offers.

“Today’s announcement will help secure a viable future for the Post Office network. It is also excellent news for consumers and small businesses – giving people access to a full range of banking products at an institution they trust and value.”

The Post Office is one of the UK’s fastest growing financial services providers, and the country’s number one foreign currency provider. Today’s announcement will be the next step towards turning the Post Office into a leading player in financial services, offering a full suite of products across its network of 11,500 branches.

In order to achieve this, the Government will be consulting to help the development of new banking products and services from the Post Office which meet the needs of hard-working families.

This announcement reinforces the Government’s commitment to a secure and sustainable future for the Post Office, following the decision in November 2008 to award it a new contract for the Post Office Card Account, and the investment of up to £1.7bn to 2011.
Notes to editors

Notes to editors

1. The Government has committed £1.7bn of funding to the Post Office, including £150m a year to help support a network of around 11,500 branches to 2011. It will continue to support the non-commercial network beyond this date.
2. With around 11,500 branches nationwide, the Post Office is the largest retail and financial services chain in the UK. Its network is larger than all of the banks in the UK combined.
3. Around 99 per cent of the UK population lives within three miles of a Post Office branch and over 24 million customers visit every week.
4. The Post Office already offers a range of financial services, including savings, insurance, lending, and foreign currency products



Department for Business, Innovation & Skills

The Department for Business, Innovation and Skills (BIS) is building a dynamic and competitive UK economy by: creating the conditions for business success; promoting innovation, enterprise and science; and giving everyone the skills and opportunities to succeed. To achieve this it will foster world-class universities and promote an open global economy. BIS - Investing in our future.
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