Teresa Pearce MP

I was pleased to read Jackie Ashleys article  ” Post offices can kickstart Labour’s radical agenda” in today’s Guardian.  Back in November I met with with Pat McFadden MP, Minister of State for Business, Innovation and Skills to discuss which services the Post Office could offer in the future. I spoke with him about how Post Offices are a great British institution that have been part of our communities for over three hundred years and are trusted by the people.

I know how deeply people in Erith and Thamesmead care about the future of our Post Offices , so I want to see them offer more financial service.  It will give people in  access to a full range of banking products at an institution we trust and value. In Thamesmead their is currently no banking facility AT ALL. None.

And at a time when some banks and financial services companies are seeking to reduce face to face contact with customers, the Post Office stands out. It offers a trusted brand, and has more branches than the high street banks combined. It is ideally placed to bring banking services back to the heart of people’s communities.

Lord Mandelson, Secretary of State for Business Began a consultation on what people want  and need from their Post Office.Information about the consultation was made available in all of the network’s 11,500 branches and consultation closed at end of February.

I have high hopes that there will be announcement on this in the Budget this week. Among the proposals are

1. Post Office Current Account
2. Post Office Children’s Savings Account – an account designed to encourage children to save through visits to their local Post Office.
3. Post Office Business Bank Accounts – currently the Post Office offers access to business accounts from a few High Street banks. It could offer increased access to business accounts from other providers, as well as its own business account.
4. A weekly budgeting account – many low income households are unable to take advantage of the savings that can be made by paying for services by direct debit. One way to tackle this problem is by offering a simple account that could ring-fence a proportion of income each week, and then pay out bills by direct debit on a monthly or quarterly basis.
5. A closer link between the Post Office and credit unions – it can be difficult to access credit union accounts when people are not in their local area. The local nature of the Post Office makes it ideally placed to allow credit union savers to access their accounts across the country.
6. Working to ensure all banks’ current accounts can be accessed at a Post Office – currently 60% of current accounts (around 25m accounts) can be accessed at Post Office branches. The Government wants more banks to allow their current accounts to be accessible at the Post Office.

I have my fingers crossed firmly that this weeks Budget will bring good news for Thamesmead and they can at last access the banking services they need.