Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to news that current accounts are to be offered by the Post Office, said:
“It is a sensible move by the Post Office to take on the high street banks – they are a trusted brand but will need to prove they can compete. Basic banking services are under threat as the big five banks chip away at the free cash machine network and fees for services are heading the wrong way.
“If the Government are serious about greater competition and choice, they need to use the current Banking Reform Bill to knock down obstacles for new entrants to the market and promote mutuals too. Labour will be tabling amendments to the Banking Reform Bill next week to achieve precisely these things.”