Pendle MP, Gordon Prentice, is backing calls for a new Post Bank, based on the nationwide network of Post Offices. 

Speaking at Westminster earlier today after the launch of the Post bank campaign, the MP said: “A Post Bank would fill a huge gap in the market as banks have progressively withdrawn from the high street leaving many sizeable communities with no bank whatsoever. Barrowford immediately leaps to mind but there are many other examples.” 

“The Post Office branch network should be seen as a national asset and developed to deliver new banking services which people can trust.” 

The MP added: “So far as I am concerned the new bank can’t come quickly enough.” 

Note 1 to editors: The main aims of the campaign to set up a Post Bank for the people, based on the Post Office network are: 

1.  To build up a trusted financial system for the people which is not based on shareholder value or a target driven bonus culture for management.

2.  To strengthen the Post Office network by building up its business so that local economies- the driver of prosperity are enabled to grow through the convenience of locally based Post Offices and the availability of local advice and financial help.

3.  To exemplify the notion of  a Universal Banking Obligation: to help the three million people without bank accounts; to making banking services available throughout the UK; to put trust back into the banking system.

4. To connect with other banks and with credit unions, community development finance institutions.

5.  To do what a number of other European countries- France Italy Germany have all done- set up a Post Bank, which has proved popular and profitable.

6. To take the opportunity of the current crisis to radically re- design the banking system. 

Note 2 to Editors: The Pendle MP is sponsoring the following EDM, tabled by Jon Cruddas MP,  supporting the Post Bank coalition’s objectives.   

“That this House congratulates the Post Bank Coalition of the Communication Workers Union, Federation of Small Businesses, New Economics Foundation, Unite the Union, National Convention of Pensioners and Public Interest Research Centre, on its plans for a new state-owned Post Bank based on the Post Office network; recognises the importance such a Bank could have in underpinning the future sustainability of the Post Office network; and calls on the Government, as a matter of urgency, to set up a Post Bank to combat financial exclusion and allow communities and local businesses to access a fair and trusted banking system.” 

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