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Universal bank will need £350m state funding

The government is facing an annual bill of up to £350m to create the Post Office-based universal bank, because 10 high-street banks are reported to have refused to pay £125m a year towards running costs.

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LONDON (Brand Republic) – The government is facing an annual bill of up to £350m to create the Post Office-based universal bank, because 10 high-street banks are reported to have refused to pay £125m a year towards running costs.

The Guardian reports that the banks are only prepared to pay half that amount as they face a summit with trade and industry secretary, who wants to thrash out a deal before Christmas.

The bank was dreamt up as a way of saving the UK’s 18,000-strong network of post offices and providing those without a bank account with financial facilities. Funding by the banks is crucial to its establishment.


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