EU clears UK to set up Post Office bank for benefit payments

The European Commission said it cleared the UK to set up a Post Office Bank to provide simplified standard current accounts for benefit recipients who do not use normal banks. The clearance is part of a commission decision not to object to universal banking services proposals notified by the UK, it said. The universal banking services will enable the UK government to require compulsory migration of social benefits from cash payments to automated credit transfer and develop current account ownership, it said. bm/jlw
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