CWU Welcomes POCA Victory

CWU general secretary Billy Hayes said that today’s confirmation that the Post Office is to retain the contract for the Post Office Card Account (POCA) represents “a victory for common sense”.

“We’re pleased that, following months of extensive campaigning and lobbying by our union, the Federation of Sub Postmasters, Members of Parliament, customers and all those who care about the Post Office right across the UK, the government has listened and made the right decision. James Purnell has shown good judgement on this matter,” said Billy.   

“We hope that today’s decision, following reports earlier this week that Business Secretary Peter Mandelson believes that the Post Office can ‘rebuild itself into a widely accessible, trusted provider of a broader range of financial services’, represents a further indication that the government is now willing to adopt a more positive approach towards the future of this vital public service.”

As well as campaigning for the retention of the POCA contract, the CWU has also been urging the government to use the full potential of the Post Office to create a new Post Office People’s Bank.

Billy explained: “With deposits in the Post Office and National Savings and Investments soaring as people urgently seek the 100 per cent security that only a wholly publicly owned and controlled financial institution can provide, there is clear demand for government-backed banking.

“As well as defending jobs, this can help to meet the growing demand for secure banking and fight for the recovery of Britain’s real economy.

"It’s time for the Post Office People’s Bank, which can become the next great British success story," Billy added.

Business Secretary Peter Mandelson said:

"The Post Office is a trusted and familiar brand for those using the Post Office Card Account and today's decision helps secure its future. Now the challenge will be for the Post Office to broaden its offer to loyal customers and to bring in new ones to help get it on to a stable financial footing. There is the potential to leverage its brand to help it expand further into areas like financial services, particularly in the current financial climate, where people value trust and certainty more than ever."

Minister for Postal Affairs, Pat McFadden, said:

"This announcement is great news for the Post Office. The Post Office network has been through a difficult year, with some branches having to close, but that process is now coming to an end. Today's announcement recognises that the Post Office is a valuable national asset. With the card account secured and with the Government's £150m annual subsidy to support the Post Office, the network can now look forward to more stability."

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