Future of 13 Southwark post offices secured under a Labour government, party says

The future of 13 post offices in Southwark would be secured under a Labour government, the shadow chancellor has announced.

They are included on a list of thousands across the UK which the opposition party plans to protect and turn into branches of a publicly-owned high street bank.

John McDonnell, the shadow chancellor, has announced a list of around 3,600 post offices which would become “Post Banks” under a Labour government – giving it the largest branch network of any UK bank.

Among them are 13 branches in Southwark.

The party says that the publicly-owned bank would ensure that every community has easy access to face-to-face, trusted and affordable banking.

It would stem the tide of post office closures, unite important banking, business and community services under one roof and create skilled jobs, Labour said.

Research from the consumer magazine Which? last year showed that the UK lost nearly two-thirds of its bank and building society branches over 30 years, falling from more than 20,000 in 1988 to 7,600 in 2018.

Mr McDonnell said: “We all love our local post offices, and this plan will protect them by giving them a vital extra role – providing our communities with face-to-face banking.

“This is a plan for defending our high streets. It keeps post offices safe for years to come and brings footfall back into our town centres.

“Plus it provides finance to local small businesses – especially cooperatives, companies that don’t hurt the environment, and those that do research and development.

“We’re going to take finance out of the hands of the big banks and the speculators – and into the hands of our regions and communities. That’s how we’ll rebuild Britain for the many, not the few.”

The Labour Party plans to give £2.5bn of initial funding for the Post Bank, to take over services currently offered through Post Office Money and end the existing partnership with Bank of Ireland UK.

As well as offering banking services to individuals, it would provide services to small businesses, Labour said.

The 13 post office branches which would be saved in Southwark are: Blackfriars Road, Camberwell Green, East Dulwich, Forest Hill Road, Herne Hill, Jamaica Road, London Bridge, Lower Road, Rotherhithe, Old Kent Road, Peckham, Southwark, Southwark Park Road and Walworth.

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