News from Sheffield Labour

Sheffield’s Paul Blomfield backs a “People’s Bank”

Paul Blomfield, Labour’s Prospective Parliamentary Candidate for Sheffield Central, has welcomed new proposals for a publicly-owned Post Office ‘People’s Bank’. Mr Blomfield said people trust high-street banks less than they used to, but the Post Office remains a trusted institution. He said by expanding the financial services that the Post Office can offer, a People’s Bank could be created that could end financial exclusion and help local businesses.

Paul Blomfield explained:

“Now that the irresponsibility of the high-street banks has hit the economy hard, people have less faith in them. However the Post Office remains a highly trusted institution rooted in communities. I think it makes sense to expand the financial services offered by the Post Office to transform it into a publicly owned ‘People’s Bank’.

“Irresponsible lending by high street banks got us into this economic situation. A People’s Bank could offer responsible and affordable loans and mortgages, as well as providing bank accounts for everyone to safely protect their money. In the past high-street banks haven’t allowed some people on low incomes to have accounts but a People’s Bank could end this financial exclusion.

“Local businesses could benefit from a People’s Bank that offered financial services more tailored to their needs. This would have the added benefit of helping to protect local jobs which in a recession is vital.”

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• Angela Smith MP welcomes dangerous dogs announcement - 10 March 2010
• MPs plan post-election 'Rail in the North' group - 9 March 2010