I\’ve never had any objection to the creation of this People\’s Bank that so many on the left aseem to have their hearts set on. Simple, low cost banking for the poor? Sure, why not?
Millions more people on lower incomes will be able to open a bank account….. and qualify for cheaper direct debit fuel tariffs under government plans being unveiled today to turn the Post Office into the \”People\’s Bank\”. The government also wants it to reintroduce a children\’s savings account.
Sounds good to me.
However, I took a few words out of that:
get a mortgage
Erm, are we really convinced that those on very low incomes should be even trying to get a mortgage? Recent events would seem to indicate that not everyone is actually ripe for home ownership, to put it at its mildest.
And I can see all sorts of fun with this:
Under the plans, the Post Office would provide a special direct debit service, targeted mainly at people dependent on benefits. This would make it easier for them to get cheaper online services and tariffs for electricity and gas, rather than paying for more expensive pre-payment meters. The service would set aside a portion of the user\’s benefits each week to make sure there was enough in the account at the end of the month to cover direct debit payments.
Really? We\’re going to have the Post Office monitoring those millions of new accounts in that sort of detail?