The model submitted for the Post Bank aims to provide more financial services to people and businesses currently not served by high street lenders, strengthen the role of post offices and the post office network, and ensure a stable source of finance in the heart of communities. According to the coalition, 771 post offices in Scotland have been closed since 2003, leaving just 1,116 remaining and in need of security.
The proposal was supported by the Communication Workers Union (CWU), Federation of Small Businesses (FSB), New Economics Foundation, Scottish Pensioners Forum and the Scottish TUC.
“Post Bank is the right proposal at the right time politically and industrially,” said CWU general secretary Billy Hayes. “Post Bank will be a true People’s Bank, meeting the needs of society and business alike and will bring crucial security to the post office network, especially for rural areas of Scotland. The government must move swiftly to endorse this timely proposal.”
FSB Scottish representative Andy Wilcox said that there is a huge demand for a Post Bank in Scotland. He said: “We know small businesses want a Post Bank and would use one if it was created. Not only would that help safeguard the future of the post office network, it would stimulate better competition in the Scottish small business banking market.”