Mar 31, 2019

Labour plans national bank using Post Office network

PA 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. 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. Mr McDonnell would also establish a £250bn National Investment Bank and network of Regional Development Banks to invest small business, infrastructure and green technologies.

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