Branch owner and Post Office (PO) non-executive director Elliot Jacobs hopes two major changes benefitting branches are coming in the next month, following campaigns by nearly 1,000 PO stores.
The London subpostmaster said there were promising signs for energy-bill support for branches beyond the current March 2023 end date and around a loosening of “ludicrous” anti-money laundering restrictions resulting in “thousands” of failed banking deposits in branches every week.
The government says energy support for businesses beyond March is to be restricted to heavily affected sectors, but is yet to outline which.
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Jacobs revealed to Better Retailing a meeting took place last week with postal affairs minister Kevin Hollinrake to lobby for the inclusion of PO branches.
Describing the minister as “pro-Post Office”, Jacobs said: “We’re hopeful that, by the end of this month, we’ll hear positive news, but if we don’t, we’ve got a big problem.”
The PO boardmember said: “Who can afford their energy to go from £1,500 a year to £8,000 in a business where you can’t increase your prices?”
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As part of the PO-backed lobbying, nearly 800 branches have written letters to their MPs on the subject.
Over the summer, new FCA guidance led banks to restrict banking deposit levels, harming PO banking volumes and payments for branches.
Jacobs said all parties had accepted the current arrangement is flawed.
“I’m very hopeful we’ll have some positive news on this shortly,” he concluded.
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