Huw Irranca-Davies

Labour Party | Ogmore

Local Banking Services

In the last few years, the big banks have cut and run from our villages and remote communities. Only last year, HSBC pulled out of Ogmore Vale leaving only the Halifax Building Society behind. Now there are question marks over the Halifax, so soon only the Post Office could be left as a financial outlet in Ogmore Vale. What if – and it is a big if – the viability of the Post Office was itself threatened.

Would it really matter if Ogmore Vale, or Nantymoel, or Pontycymer were left without either a bank or Post Office? Of course it would matter. Try telling the elderly or infirm, the single mum without transport or the full-time carer that they can just nip on the bus down to Bridgend and back. Anyone who would suggest this should happen is either callous beyond belief, or has no understanding of the challenges that face some of the most vulnerable in our communities.

That is why I am a passionate advocate of making banks take their responsibility to communities as seriously as they take their fat profits. Is it really beyond the realms of possibility that banks – so keen to talk the talk about their social responsibility – could work together to ensure that when only one bank is left in a village or town they make sure it stays open?

That is also why I believe Post Offices must have a long-term future, especially in communities that are isolated from the big town centres, and why I will be meeting government ministers in the next few weeks. I will be seeking assurances on several issues, including the following:

1) Post Office Card Accounts (very simple accounts that only allow benefits and pensions to be paid in, and funds drawn out) must be retained for those who want them until there is a similar or better product offered to people to use in the Post Office

2) How can we force more of the big banks to get involved in the “Universal Bank” that would allow people to use the Post Office to do their normal banking, and generate income for the postmaster.*

3) The current pilot projects in England which are causing so much concern as they are designed to encourage people out of POCAs should not be rolled out until point 1 (above) is addressed

4) Consideration should be given to extending the existing schemes which give financial support to those Post Offices serving the most isolated and vulnerable communities

I will be seeking assurances on several issues including the future of the Post Office Card Account, the so-called Universal Bank, and continuing financial support to post offices in remote and vulnerable communities.

Finally, Post Offices exist because we want them to, because we need them, and because we value the role they play in our communities. So sign a petition, but far more importantly, draw your benefits and pension from you Post Office and use them regularly. They are a business as well as a community service, so don’t just give them your moral support, give them your trade and custom!

*in case you are wondering what banks are not helping your post-office by refusing to sign up to the universal bank, and you want to write to them and ask them why, here they are: NatWest, Northern Bank, HSBC, Halifax, Royal Bank of Scotland, Abbey, Halifax, Ulster Bank, Yorkshire Bank, First Trust