The Labour Manifesto: Basic Bank Account For All
April 18th 2010 Posted at Basic Bank Account
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A week ago the Labour party revealed their Election Manifesto which included the introduction of the Basic Bank account. The so called ’new deal on personal finances’ was aimed at transforming the Post Office into a ‘People’s Bank, offering a full range of competitive, affordable products’.
The manifesto also pledged:
‘In the post-crisis economy, we will fight for consumers and stand up to vested interests that treat people unfairly, whether in the private or public sector. We want a fair deal for all.
‘…We will introduce a universal service obligation on retail banks, so that all consumers with a valid address have a legal right to a basic bank account, and a right to redress if this is refused. Banks will have to publicly report on the extent to which they are under-serving communities.
‘And we will introduce a new levy on the banks to help fund a step-change in the scale of affordable lending by third-sector organisations, including a new partnership with the Post Office, offering an alternative to loan sharks and high-cost doorstep lending.’