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Step one on the road to a Post Office bank

The UK government will today announce plans to expand and improve the 11,500 strong Post Office network in the UK. This comes just months after the UK government attempted to sell off a significant stake in the UK postal system and follows a period when hundreds of UK Post Office branches have been closed or downgraded. So what can we expect in the short term?

The UK government is set to increase the number of banking facilities available in Post Office branches in the UK with a specific target being those on low incomes. It is believed that the government will introduce a weekly budgeting account for consumers and a children savings account, both of which will be accessed over Post Office counters. It is believed that the range of products available in Post Office branches will steadily increase and it is hoped that it will at some stage compete directly with tradition UK banking giants.

Despite the fact that the UK government is highlighting its "commitment" to the UK Post Office network this would appear to fly in the face of recent announcements prior to the idea of a Post Office bank. A coalition of associations is behind the idea, made up of groups such as the Communication Workers Union, Federation of Small Businesses and National Pensioners Convention. Will it succeed?

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