Lord Myners
Main Page: Lord Myners (Crossbench - Life peer)
Baroness Wilcox
The noble Countess makes a valid point. We will certainly look into this.
Lord Myners
Will the Minister endorse the view that the Post Office should be able to obtain a banking licence in its own name, thereby allowing people to bank with an organisation that is universal in its coverage, that, unlike banks, is not closing branches, and, importantly, that is trusted?
Baroness Wilcox
The noble Lord knows this subject very well. I have a long note here on how complicated, expensive and difficult it is to set up one of these licences. We have looked at the idea of a state-backed post bank, but it would be simply unaffordable in the current financial climate.