Part of the debate – in the House of Commons at 3:25 pm on 8 February 2024.
Kevin Hollinrake
Parliamentary Under-Secretary of State (Department for Business and Trade)
3:25,
8 February 2024
The hon. Gentleman raises an important point. Banking hubs are not a one-size-fits-all solution. There are other solutions, some of which are facilitated by the banking framework. Enhanced facilities in post offices is one such solution—for example, a separate line in the Post Office. Smart ATMs are part of the solution. OneBanx provides a mini-banking solution that can be provided in libraries, for example. Different financial organisations, such as some of the building societies, are rolling out such provisions, but we see banking services, and the remuneration that flows from them, as critical to ensuring that we have a sustainable network of post offices. I have always been clear in this House that if Members have particular local issues, I am happy to work with them and the Post Office to try to deliver solutions on a case-by-case basis.
Although there are opportunities, that does not mean we are out of the woods. Branch profitability is a top priority for postmasters, and I am keen to ensure that it can be enhanced wherever possible. I assure Members that we remain steadfast in our support for the network. We have provided significant financial support to sustain the nationwide network—over £2.5 billion in funding in the past decade alone—and we are providing a further £588 million for the Post Office between 2022 and 2025. The moneys include investment and, as the hon. Member for Stretford and Urmston referred to, an annual network subsidy of £50 million, which helps to safeguard services in the uncommercial parts of the network.
The Government have been clear that post offices should be a valuable social and economic asset for communities and businesses for years to come. We continue to work with the Post Office to ensure that the organisation and the network are fit for the future, and we always welcome views on the network, such as those expressed today. I thank the hon. Member for Stretford and Urmston for introducing this important debate, and the other hon. Members who contributed to it.
Question put and agreed to.
House adjourned.