Call for Royal Mail 'people's bank'

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Politicians from the main parties will join a Parliamentary reception to launch the proposal to provide more financial services to people and businesses not served by high street lenders.

A Post Bank would boost the post office network, create new jobs and secure the organisation's future, it was argued.

Ministers were also told that a Post Bank would establish the form of relationship-banking "abandoned" by the country's biggest banks.

The coalition said there is a "unique" opportunity to help secure the future of the post office network and answer concerns about equitable finance.

Three million people are still being denied access to basic finance in the UK, including pensioners and the most disadvantaged, while small firms are being hit by increases in the cost of new credit, said the coalition.

Billy Hayes, general secretary of the Communication Workers Union, said: "The Post Bank is the right proposal at the right time politically and industrially. It answers the needs of the financially excluded and will appeal to many in this time of economic uncertainty.

"The 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. The Government must move swiftly to endorse this timely proposal."

John Wright, chairman of the Federation of Small Businesses, said: "Small businesses are completely reliant on the Post Office network with 80% passing their letters and parcels through the Post Office and 47% visiting a post office a couple of times each week.

"Most Sub Post Offices are run like small businesses, and keeping the network alive by establishing Post Bank would not only retain jobs but could also, we estimate, create 11,000 new jobs."