Labour Plans to Invent the "Post Bank" for the High Street

By Gary Cutlack on at

The nation's network of post offices would turn into a new form of hybrid bank branch under a future Labour government, with the party thinking this "Post Bank" would enhance access to banking facilities on the high street, seeing as the bank-banks would rather their physical branches be sold off ASAP and turned into Shoe Zones.

This would create as many as 3,600 bank branches overnight were regional post office staff willing to undergo the training, with shadow chancellor John McDonnell saying: "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."

This imagined Labour government of the future would also set up a National Investment Bank and several Regional Development Banks, both designed to manage investments in and offer service to businesses, in an effort to leverage the current big banks out of the small and large business world. [BBC]