Subpostmasters urge Ministers to deliver on Post Office banking plans

The National Federation of SubPostmasters (NFSP) called on the government to urgently deliver a framework for a new national bank throughout the network’s 12,000 outlets.

The National Federation of SubPostmasters (NFSP) called on the government to urgently deliver a framework for a new national bank throughout the network’s 12,000 outlets.

Reports claim that the plans, which would help tackle the banking crisis and boost the post office network’s future stability, have won the support by Business Secretary Lord Mandelson and Postal Affairs Minister Pat McFadden.
NFSP General Secretary George Thomson said: “The NFSP has long called for the creation of a Postbank, or national bank at the Post Office. The post office network is a huge national asset, but ministers must be aware that a 12,000–strong network will not survive through wishful thinking, but only through significant new channels of work.

“We have told ministers that the Post Office is the natural home for increasing access to local banking and financial services; it has unrivalled geographical reach into communities which long ceased to have a bank branch, as well as high levels of usage and trust among the public and small businesses.

“There are a range of mechanisms available to ministers through which the proposals could be delivered – whether through bringing National Savings and Investments back into the Post Office, or through arrangements with nationalised Northern Rock or Bradford & Bingley. Whatever the channel, we believe that a Postbank can bring about a return to trusted, local access to loans, savings and a full range of bank accounts for the public and for small businesses, as well as helping to secure the future viability of our national network of post offices.”