Monday, April 12, 2010

Labour Policy on People's Banks - So the century before last

My eye was taken by this bit in the Labour Manifesto,

The Post Office has an invaluable role to play in our communities and in serving local businesses. To promote trusted and accessible banking, we will transform the Post Office into a People’s Bank offering a full range of competitive, affordable products.
Well aparty from the obvious fact that after following the EU's Postal Sertvices Directive half the Post Offices have closed down, I thought this was a little bit odd. And old. Very Old.
I had a little look and low and behold what do we have here?
Rather charmingly they have a letter from George Chetwynd. It tells Lord Stanley of Alderley just how a government savings bank to encourage 'the working classes in provident habits' might work in practice. It was written on the 30 November 1860.
The Post Office Savings Bank (POSB) opened for business on 16 September 1861

And was closed in 2003 by... Oh under Labour.
"National Savings and Investments (NS&I) plans to launch a new savings account in early 2004. In recent months, NS&I has been investigating a range of straightforward savings solutions to provide the flexibility that meets the needs of today's customers.
The new savings account has been created in response to changing customer needs and will be launched in place of the Ordinary Account, which opened in 1861, but has not kept pace with other savings accounts. Ordinary Account customers will be able to use their accounts until July 2004, but will be invited to transfer to the new, more flexible savings account from the end of January 2004."

Which in turn were closed down some time later.
Ordinary Account/Treasurer's Account/SAYE/Yearly Plan/Deposit Bonds
All the above accounts and investments have now been closed completely and any remaining funds transferred to the NS&I Residual Account.

1 comment:

Witterings From Witney said...

As I tweeted GT, EU obviously has too much competence and Labour too much incompetence

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