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Local Lib Dems propose support for Post Bank Plans

April 22, 2009 12:00 AM

Lib Dems tried but failed to get the Royal Borough of Windsor and Maidenhead to join the cross party campaign to have a Post Bank. A motion brought to council by the Liberal Democrats called for the Council to write to local MPs calling on them to support the plan.

Cllr Kathy Newbound, Lib Dem shadow lead member for Windsor said "Two immediate advantages from having a permanent publicly owned Post Bank. Firstly a safe stable bank vitally important after the financial turmoil. Seondly increasing the viability of the current 11,500 post office branches."

Sadly Conservatives at the council refused to support the campaign, putting ideological dogma before the national interest, with some Conservatives overheard describing the plans as "Communist."

Cllr Kathy Newbound added "Girobank was a great success in the 1980's. A recreated Post Bank would help the 3 million adults who do not have bank accounts but most of whom use the Post Office. It could also help provide a stable source of finance for small firms who at the moment are frustrated by the lack of support from their existing lenders."

It is not clear if the local Tories reluctance to support the motion reflects on the intentions of the Conservatives nationally on Post Bank.