21 November 2008
Customers may soon be able to bank with their Post Office branch as plans are underway to expand the range of financial services offered by the network.
Following on from its successful bid for the card account contract, the Post Office is now examining plans to launch a basic current account.
Government ministers believe this would be a positive move, as it would help to revive the Post Office network and help to strengthen its role in community life.
According to the Financial Times, business secretary Lord Mandelson has suggested to Gordon Brown recently that the range of financial services offered by the Post Office should be expanded.
In a letter to the prime minister, he wrote: "We should examine the prospects for Post Office Ltd becoming a much more significant player in financial services - offering a wider range of attractive products within easy reach of the whole population."
It was announced last week that the Post Office would keep its contract to run the card account - which is used by many people to receive pensions and benefits - for another five years.