Post Office Banking

For many rural communities, access to banking services can be challenging, particularly where commercial providers are withdrawing or limiting provision.

That is why, as City Minister, I welcome the move by the Post Office to massively expand its offering of savings, mortgages, insurance and currency services under its Post Office Money brand. Increased competition in the consumer banking sector will allow for improved services for customers, and greater resilience of access to banking in the more rural parts of the country.

I met earlier this afternoon, alongside the Secretary of State for Business, Innovation and Skills, with representatives from the British Bankers Association and consumer groups to discuss what more the major high street banks can do to work with the Post Office to ensure that customers have certainty of the services available. It was great news yesterday that Santander has become the latest bank to allow its customers to bank through the Post Office.

I look forward to continuing to press the sector for improved ease of access for consumer banking services, and to work toward greater financial inclusion across the UK.