A new bank – comprising scores of post offices across the Bristol area – could be introduced as part of Labour plans to reform the financial system. Under a Labour Government, a new publicly owned ‘Post Bank’ would be formed using thousands of branches across the UK. The move would affect dozens of post offices in Bristol, South Gloucestershire, North Somerset and Bath and North East Somerset. Shadow chancellor John McDonnell said the new network would be introduced to protect the public’s access to financial support. It comes as Which? figures show the UK has lost nearly two-thirds of its bank and building society branches in the past 30 years – taking the total number from 20,583 in 1988 to just 7,586 today. The branches would also protect post offices from any threats of further closures after 74 were announced to be axed last November. Local people would also get guaranteed access to a bank in their neighbourhood with face-to-face suppport. McDonnell added that running Post Bank through the Post Office network would create up to 3,600 branches. The shadow chancellor said: “Poor access to local bank branches hurts our town centres and local communities, particularly affecting elderly and more… Read full this story
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