5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Investing

Post Office faces backlash over potential closure of 115 branches as jobs and services are at risk

by
November 13, 2024
in Investing
0
Post Office faces backlash over potential closure of 115 branches as jobs and services are at risk

The Post Office has announced potential closures of 115 Crown Post Office branches, placing up to 1,000 jobs at risk in a significant restructuring aimed at reducing losses.

The proposed changes may lead to franchise arrangements with third-party operators like WHSmith taking over affected branches. However, this shake-up has drawn sharp criticism from unions and community advocates.

The Communication Workers Union (CWU) condemned the timing, as the move coincides with the ongoing Horizon IT scandal inquiry, labelling it “immoral” and “tone deaf.” The Horizon scandal, in which hundreds of sub-postmasters were wrongly prosecuted due to faulty software, remains fresh in the public memory, with many calling for transparency and justice.

Under new chairman Nigel Railton, the Post Office aims to put the organisation on a more sustainable financial footing amidst challenges like competition from parcel operators and declining letter revenues. Losses reached £81 million in the 2022-23 financial year, with nearly half of its branches operating at minimal or negative profitability.

Railton emphasised the need for a “fresh start,” with plans to invest £250 million annually in the network by 2030, contingent on government support. This includes an improved banking offer and a modern, “lower-risk” IT system, addressing long-standing technology issues. Railton described the process as “right-sizing” the organisation to better meet future demands.

Growing Community Dependence on the Post Office

With bank branch closures escalating across the UK, Post Offices have become essential for cash and banking services in local communities. The closures, if they proceed, will disproportionately impact rural and urban communities where alternatives are limited. In July alone, over £3.7 billion was withdrawn or deposited at Post Offices, highlighting their critical role.

Community advocates, like Martin Quinn from *Campaign for Cash*, argue that the government should treat the Post Office network as essential infrastructure. “This is another nail in the coffin for communities that rely on the Post Office for cash access,” he warned, urging the government to halt the closures.

The government has been in “positive” discussions with Railton, with Business Secretary Jonathan Reynolds suggesting that Post Office branches could step in to fill gaps left by bank closures. However, with the rapid rise of digital banking, the viability of a high-street-based strategy remains uncertain.

Separately, ministers are considering transferring Post Office ownership to sub-postmasters to protect local services. A government spokesperson stated, “We are in active discussions with Nigel Railton to strengthen the network for a sustainable future.”

Impact on Jobs and Local Services

The proposed closure list includes branches across the UK, from major city centres to rural areas, affecting towns such as Glasgow, Oxford, London Bridge, and Stornoway. The Post Office has stressed it does not plan to reduce its total network of over 8,500 independently run branches. However, CWU officials argue that this move risks further alienating communities dependent on the Post Office network.

Here is a full list of the branches affected by the Post Office’s closure plans:

AntrimBangorBelfast CityEdinburgh CityGlasgowHaddingtonInvernessKirkwallLondonderryNewtownardsSaltcoatsSpringburn WayStornowayWester HailesBarnes GreenBransholmeBridlingtonChester Le StreetCrossgatesEcclesFurness HouseGrimsbyHydeKendalManchesterMorecambeMorleyPoulton Le FyldePrestwichRotherhamSalford CitySheffield CitySouth ShieldsSt JohnsSunderland CityThe MarketsBirminghamBreck RoadCaernarfonDidsbury VillageHarlesdenKetteringKingsburyLeighLeighton BuzzardMatlockMilton KeynesNortholtOld SwanOswestryOxfordRedditchSouthallSt Peters StreetStamfordStockportWealdstoneBarnetCambridge CityCanning TownCricklewoodDerehamGolders GreenHampsteadHarold HillKilburnKingsland High StreetLower EdmontonRoman RoadSouth OckendonStamford HillBidefordDunraven PlaceGloucesterLiskeardMerthyr TydfilMutleyNailseaNewquayPaigntonPort TalbotStroudTeignmouthYate SodburyBaker StreetBexhill On SeaCoshamGreat Portland StreetCroydon High Street (10)KensingtonKnightsbridgeMelville RoadPaddington QuayPortsmouthRaynes ParkRomseyWestbourneWindsorWorlds EndAldwychBrixtonBroadwayCity of LondonClapham CommonEast DulwichEccleston StreetHigh HolbornHoundsditchIslingtonKennington ParkLondon BridgeLupus StreetMount PleasantVauxhall Bridge Road

Previous Post

Barclays launches £22bn fund and new business prosperity index to support UK business growth

Next Post

HMRC’s lower interest rate on late payments overshadows refund disparity

Next Post
HMRC’s lower interest rate on late payments overshadows refund disparity

HMRC’s lower interest rate on late payments overshadows refund disparity

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Hived raises $42m to roll out electric delivery fleet across southern England

    Hived raises $42m to roll out electric delivery fleet across southern England

    July 5, 2025
    Tesla sees UK sales rebound in June as EV market accelerates

    Tesla sees UK sales rebound in June as EV market accelerates

    July 5, 2025
    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    July 5, 2025
    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    July 5, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.