Tom welcomes ‘sensible move’ by the Post Office to take on the high street banks but questions immediate plans

Labour MP for Middlesbrough South and East Cleveland, Tom Blenkinsop, has today welcomed the news that current accounts are to be offered by the Post Office but questioned their accessibility plans.

Tom said:

“For many of my constituents the Post Office is a trusted brand so it is a sensible move by them [the Post Office] to take on the high street banks. Whilst basic banking services are under threat as big banks erode the free cash machine network and introduce fees for services the Post Office will need to prove they can compete at the levels of service people are used to.

“So people aren’t kept in the dark the Post Office should provide details of branches that the current accounts will initially be made available at. At the moment we have several Crown Offices under threat of being franchised, including Redcar Crown Office, I believe it would be a good idea to keep Crown Offices in place to help this new policy work even better.

“If the Government are serious about greater competition and choice, they need to use the current Banking Reform Bill to knock down obstacles for new entrants to the market and promote mutuals too. Labour will be tabling amendments to the Banking Reform Bill next week to achieve precisely these things.”

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