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UK government U-turn on Post Office

It is believed that the UK government is looking at finalising plans for a "People's Bank" which would be based upon the 12,000 strong network of post offices around the UK. This comes despite the fact that the Royal Mail, with the support of the UK government, has been systematically closing many branches up and down the UK. Indeed it was only a few months ago that the UK government was looking to sell off Royal Mail and now it may well become the central plank of the "People's Bank".

However, there are already concerns about the UK government becoming directly involved in the UK financial markets and whether this would create a conflict of interests for the authorities. It is ironic that talk of a "People's Bank" to help those on low incomes in the UK has materialised just weeks before the next general election when the Labour Party has had over a decade to introduce such plans. There is again a feeling that lipservice from various political parties will probably result in little change after the election when many plans could be shelved or "kicked into the long grass".

Ed Miliband, the cabinet minister in charge of the Labour Party manifesto for the next election, has also outlined plans to increase the minimum wage to offset poverty in the UK and reduce the voting age to 16.

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