'People's bank' plans are on the money, claims MP

LABOUR'S plans for a "people's bank" were hailed by city MP Mark Lazarowicz as putting banking back into the heart of Edinburgh's local communities.

The plans, unveiled yesterday by Business Secretary Lord Mandelson, mark a step change in banking at the Post Office which will see customers offered a range of financial services such as current accounts, mortgages and a savings accounts for people on low incomes where the government will provide 50p for every 1 saved.

Mr Lazarowicz, Labour MP for Edinburgh North & Leith, said: "This announcement will change the face of the Post Office and provide real financial help to people in Edinburgh and reaffirm the Post Office's status as the centre of local communities.

"Labour is committed to developing the Post Office as a network providing reliable and accessible financial services directly to local communities, and this will provide real help to people who need it most."

The new services will include a weekly budgeting account to help people on low incomes manage their household budgets and save money by taking advantage of the discounts for using direct debit to pay their utility bills and a children's savings account, encouraging children to save through visits to their local post office.