Is the People’s Bank on its way?

Post Office told to cut Bank of Ireland ties as it expands banking services | Business | The Guardian .

The New Economics Foundation has campaigned for some time for a People’s Bank, and I have supported it in doing so.

Now it looks like it may be on its way – based in Post Offices.

There are three pre-conditions:

1) Cut the existing contract with the bakrupt Bank of Ireland – on the grounds that it is bankrupt

2) Make this bank a state owned entity

3) Train high quality staff to work for it. This must be no second rate operation.

We need it, now. It’s a scandal that even now vast numbers of people in this country have no proper access to properly regulated and reasonably priced financial services.