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Bank Services: Post Office

Treasury written question – answered on 31st October 2019.

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Photo of Jane Dodds Jane Dodds Liberal Democrat Spokesperson (Wales), Liberal Democrat Spokesperson (Food and Rural Affairs)

To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Lloyds Bank, (b) HSBC, and (c) RBS on their continued commitment to the banking framework with the Post Office.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Treasury Ministers and officials have meetings with many organisations in the public and private sectors on a variety of issues.

The Government had limited engagement with all parties during negotiation of the Banking Framework, to ensure they were given the appropriate commercial freedom to negotiate the contract.

Post Office Limited announced in the Spring that renegotiated commercial terms and service enhancements for the Banking Framework had been agreed, and will take effect from January 2020 until January 2023. All 28 banks who were part of the original Banking Framework have signed up to the renegotiated agreement, which will see a significant increase to the overall fees received by Post Office Limited from the banks.

Barclays initially made the decision to uniquely opt out of cash withdrawal services at post offices through the renegotiated Banking Framework agreement, but they have since reversed this decision. The Government welcomes this renegotiated agreement that, alongside other work by industry, regulators and Government to safeguard cash for those who need it, will ensure that 95% of business and 99% of personal banking customers continue to have access to everyday banking services at the Post Office.

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