Universal Banking Services

HL Deb 08 May 2001 vol 625 c152WA

Baroness Byford

asked her Majesty's Government:

When a decision was taken for the Post Office to establish universal banking services instead of a universal bank; and whether the new system proposed will benefit both customers and the viability of sub post offices. [HL1869]

Lord Sainsbury of Turville

The decision to proceed with the current proposals for universal banking services was taken at the end of last summer. These proposals will provide a range of banking services which will cater for as wide a range of customers as possible. It will ensure those benefit and pension recipients who wish to continue to collect their benefits money in cash, in full, across a post office counter, will still be able to do so. And it should lead to a substantial increase in the amount of banking at post offices, tapping into a very much larger customer base than benefit recipients alone. This will benefit sub-postmasters both directly and through increased footfall.