Labour plans national bank using Post Office network

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Thousands of Post Offices could become bank branches under Labour Party plans to reform the financial system.
Shadow chancellor John McDonnell said a new Post Bank would protect community banking at a time when the big High Street lenders are closing branches.
Labour's proposals also include keeping Royal Bank of Scotland in public ownership, and creating a bank to invest in infrastructure.
Mr McDonnell said the changes would promote vital national priorities.
He estimates that running Post Bank through the Post Office network could create up to 3,600 branches.
Labour has cited research from consumer group Which? which suggested that over the past 30 years the UK has lost nearly two-thirds of its bank and building society branches, from 20,583 in 1988 to just 7,586 today.
The shadow chancellor said: "Poor access to local bank branches hurts our town centres and local communities, particularly affecting elderly and more vulnerable customers, as well as damaging the ability of local small businesses to invest."

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About time!!!

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Thousands of Post Offices could become bank branches under Labour Party plans to reform the financial system.
Shadow chancellor John McDonnell said a new Post Bank would protect community banking at a time when the big High Street lenders are closing branches.
Labour's proposals also include keeping Royal Bank of Scotland in public ownership, and creating a bank to invest in infrastructure.
Mr McDonnell said the changes would promote vital national priorities.
He estimates that running Post Bank through the Post Office network could create up to 3,600 branches.
Labour has cited research from consumer group Which? which suggested that over the past 30 years the UK has lost nearly two-thirds of its bank and building society branches, from 20,583 in 1988 to just 7,586 today.
The shadow chancellor said: "Poor access to local bank branches hurts our town centres and local communities, particularly affecting elderly and more vulnerable customers, as well as damaging the ability of local small businesses to invest."

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About time!!!

it's lost so many branches because internet banking is taking off.

Flap Zappa wrote:
it's lost so many branches because internet banking is taking off.

I've been internet banking for years, it's more about offering a service to local SMEs for forward planning and investment, taking a local perspective into account and offering a service to pensioners who prefer a personal advisor with their banking, anything to encourage the sustainability of our high streets.

Thorney Sam wrote:

Flap Zappa wrote:
it's lost so many branches because internet banking is taking off.

I've been internet banking for years, it's more about offering a service to local SMEs for forward planning and investment, taking a local perspective into account and offering a service to pensioners who prefer a personal advisor with their banking, anything to encourage the sustainability of our high streets.

before I left it would be months if not years between visits to branches.
Here in turkey everything I can do in a branch can be done at a cash point, from withdrawing and depositing money to paying your taxes and even traffic fines. I can transfer money between accounts and send it anywhere in the world with iban accounts. The only down side is they charge you a few lires for transfers outside the bank.

Flap Zappa wrote:
before I left it would be months if not years between visits to branches.
Here in turkey everything I can do in a branch can be done at a cash point, from withdrawing and depositing money to paying your taxes and even traffic fines. I can transfer money between accounts and send it anywhere in the world with iban accounts. The only down side is they charge you a few lires for transfers outside the bank.

I agree, internet banking and an ATM is all I need, but I'm established.

If I was a young entrepreneur with an idea and a locally grown business plan, I would wish to seek a financial advisor for assistance with start up costs, a local financial advisor would be crucial in this instant.

On a similar theme many doctors surgeries now have an online prescription service, I have a medical receptionist acquaintance and she tells me that a majority still re order in person or by phone because the log on process is too complicated for some.

A mixture of online and personal service is still required, for SMEs access to local credit and advise is a sure way to encourage local investment and opportunity!

Thorney Sam wrote:

Flap Zappa wrote:
before I left it would be months if not years between visits to branches.
Here in turkey everything I can do in a branch can be done at a cash point, from withdrawing and depositing money to paying your taxes and even traffic fines. I can transfer money between accounts and send it anywhere in the world with iban accounts. The only down side is they charge you a few lires for transfers outside the bank.

I agree, internet banking and an ATM is all I need, but I'm established.

If I was a young entrepreneur with an idea and a locally grown business plan, I would wish to seek a financial advisor for assistance with start up costs, a local financial advisor would be crucial in this instant.

On a similar theme many doctors surgeries now have an online prescription service, I have a medical receptionist acquaintance and she tells me that a majority still re order in person or by phone because the log on process is too complicated for some.

A mixture of online and personal service is still required, for SMEs access to local credit and advise is a sure way to encourage local investment and opportunity!

I dont disagree that there is a place for the branch, but changing business practices are to blame.
my home town used to have 3 Barclay's branches in the town centre alone, they now have one

Thorney Sam wrote:
I agree, internet banking and an ATM is all I need, but I'm established.

If I was a young entrepreneur with an idea and a locally grown business plan, I would wish to seek a financial advisor for assistance with start up costs, a local financial advisor would be crucial in this instant.

On a similar theme many doctors surgeries now have an online prescription service, I have a medical receptionist acquaintance and she tells me that a majority still re order in person or by phone because the log on process is too complicated for some.

A mixture of online and personal service is still required, for SMEs access to local credit and advise is a sure way to encourage local investment and opportunity!

why would a local finanical advisor be crucial??

surely finance is finance?? if the plan is sound and the math isnt being done by diane abbot the "math professor" then it doesnt matter if the advisor is local or not.

in theory an advisor in cornwall is just as good as one in lodon.

if there isnt an advsor in my village post office, i get on the number 10 bus and travel the 3 miles into town and speak to an advisor in a branch.

more noise from the hollow vessel that is labour