The Express and Star reported on last week’s Treasury Select Committee hearing during which the Post Office banking director revealed the Post Office makes no profit from providing high street banking services.

The Post Office has agreed to offer banking services in each one of its 11,500 branches across the UK as the banking industry has closed 30 per cent of its network. Although the Post Office processed 130 million transactions last year it made no profit.

Nicky Morgan, Chair of the Treasury Committee, said this amounted to the Government ‘effectively subsidising banks’.

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→ The Express and Star - Post Office makes no profit from providing banking services, MPs told