Make Post Office A National Bank

The Labour Party has announced plans that they wish to make thousands of Post Offices into Post National Banks.

They feel it would protect communities as more and more high street branches close.

John McDonnell, Shadow Chancellor, estimates it could create 3,600 ‘bank’ branches nationwide.

Labour has been gathering research from the consumer group Which? The research found that in the past 30 years the UK has lost 2/3rds of its Banks and Building Societies, today there are only 7,585 left from 20,583 in 1988.

The Shadow Chancellor said “Our towns and local communities are being affected and something needs to be done, Labour would look at stalling the sale of the Government’s 62% stake in Royal Bank of Scotland (RBS) and profits would go to serve communities.

John McDonnell would look at building a £250 billion National Investment Bank with a network of Regional Development Banks to invest in infrastructure, small business and green technologies.

Comment

Great idea!  The directors of this firm have long discussed the idea of buying up closed bank branch real estate, one in each town and establishing all big six Bank ‘branch agency desks’ inside each establishment.  We also discussed the same idea as part of the Post Office Network.  Perhaps this is an idea that the Treasury could put to UK Finance (the Group that represents major banks).  We know the use of cash is dwindling but people still need local access to finance and finance professionals.