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Mandelson moots Post Office bank idea
Postal affairs minister Pat McFadden told the Observer newspaper that the government was "warm" on the idea.
Plans for the reforms to create the state-owned bank were put before the business and enterprise committee last week.
The Post Office reforms are also thought to have the support of business secretary Peter Mandelson.
Currently, the organisation offers a range of financial services, including savings accounts backed by the Bank of Ireland.
However, this range would be made much fuller by the reforms.
Mr McFadden added that Lord Mandelson wants to "see a stronger role for the Post Office".
The credit crunch and financial downturn has already caused Northern Rock and Bradford & Bingley to be nationalised entirely.
RBS and the Lloyds group are also now 70 per cent and around 45 per cent government-owned as a result of bailout plans.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-02-02 12:39:02 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Barclays Bank - Existing Customer Barclayloan Plus Funded | ||||
Barclays Bank
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £386.94 | 6.2% | Fixed | £23,216.38 | |
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Representative example: based on a loan of £20000 Representative APR 6.2% Fixed. Total amount repayable £23,216.38 at £386.94 per month for 60 months. |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Blemain Finance - Secured Loan | ||||
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Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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