“Institutions are the things that define governments. The 1945 government was defined by its relationship with the NHS. The 1997 government was defined by … institutions like Sure Start. I think the idea of the People’s Bank, the network of post offices around the country connected by a new financial institution, is one of those ideas. It speaks to people’s sense of community – and frankly, banks have let down low-income consumers, and others as well. It is part of a new deal for the low paid around the banking industry. […] It is part of a bigger reform I think we need in the relationship between individuals and financial institutions. We have a set of institutions in our post offices that can form the basis of this banking system, but up to now we have not put into practice this idea that it can be a very serious financial institution and, if you like, a competitor to the conventional private sector. At present there are limits to what the Post Office can offer in terms of current accounts – we will expand those services and link them up with credit unions.”
This is really fantastic news, not just for those of us who have led the campaign for a Post Bank here at nef and beyond, but for people living on the front line of financial exclusion. Both the Liberal Democrats and Labour now support the Post Bank, and there have been some positive murmurings in the sidelines of the Conservative Party.
You can help build momentum for the creation of a Post Bank, particularly if you live in a Conservative constituency, by asking your MP to sign Early Day Motion 344.