Memorandum submitted by Mrs L Kelly
The proposal to create a network of "Peoples'
Banks" through Post Office branches is a most creative and
exciting idea, which also happens to be practical and meet the
needs of millions of people.
It is practical, because the Post Office already
has the branch expertise to supply many financial services, probably
to a level at least as high as retail banks. The running of a
retail banking outlet is not that complex, provided there is a
core of ethical and professional banking expertise behind it.
It is extraordinarily timely, as public confidence
in the current banking system is justifiably at rock bottom and
will not be enhanced when government hands the banks back to the
"private sector", ie the speculators in the financial
markets. So, this proposal meets a number of tests:
— It is a step in the transformation of
the Post Office into a centre for multiple community services
— It enhances a valuable community asset,
which is trusted, unlike current retail banks
— It builds on skilled staff, who already
provide millions with essential local services
— It gives the Post Office, one of the
few really trusted national brands, a new lease of life, and provides
an opportunity to extend its network.
This initiative is likely to be genuinely welcomed
by the vast bulk of the electorate as a sign that government is
supporting communities and at the same time addressing their concerns
about the financial system. This is a 'big idea' that will positively
touch the lives of millions of electors and is much more understandable
to most people than 'saving' the global financial system, however
important that may be.
I ask you to give your support to communities
in this most practical way possible. Post Office Banking can work
brilliantly, provided it has political support, but not tinkering
and interference from ministers.
March 2009
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