The UK government has unveiled plans
to turn the Post Office into a “people’s bank” spanning 11,500
branches in the UK.
The proposals for the Post Office, a
subsidiary of the state-owned Royal Mail group, would see outlets
changed into bank branches offering a range of financial services,
if implemented.
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The bank has had £180m ($269.5m)
ear-marked by the government ahead of the general election on 6
May.
The plan is intended to encourage
saving and provide credit for those on low incomes through current
accounts and children’s accounts.
It also coincides with the
government’s plan to guarantee universal access to a bank account
for the estimated 1.75m unbanked population in the UK.
Peter Mandelson, the government’s
secretary of state for business, innovation and skills, said:
“Since the global banking crisis we have set about reinventing the
financial services industry piece-by-piece, building a system that
is fairer, trusted and more responsible.”
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By GlobalData“Today is the next step in that
process.
“The Post Office is a well-loved
community institution and this move will bring more banking
services back to the heart of those communities,” Mandelson
added.
