Cable announces £1.3bn funding package for Post Office

28 Oct 2010

"The package averages out at over £330m a year - more than double the subsidy paid to the Post Office for the past two years. A large proportion of the last Government's funding was spent on closing post offices. Our strategy is completely different - it addresses the underlying economics of the network, while maintaining its size and reach."

Secretary of State for Business, Innovation and Skills Vince Cable today announced a £1.3 billion funding package over the next four years to maintain and modernise the Post Office network.

Dr Cable said the funding package will secure the long term future of the Post Office network and ensure that there will be no closure programme.

He added that whereas much of the previous Government's funding was spent on closing post offices, the Coalition's strategy "addresses the underlying economics of the network, while maintaining its size and reach".

"The Post Office network is a cornerstone of British life. Our £1.3 billion funding package will reverse the years of decline and secure its long term future. It will ensure that there is no new closure programme - but it will also allow the Post Office to invest, improve its offer and win new revenue streams. It will put the network on a stronger and more sustainable footing," Dr Cable said.

"The package averages out at over £330m a year - more than double the subsidy paid to the Post Office for the past two years. A large proportion of the last Government's funding was spent on closing post offices. Our strategy is completely different - it addresses the underlying economics of the network, while maintaining its size and reach."

Larry Ngan and Lib Dem Campaigners on The Leas, Folkestone

Sign up
for email updates

You can opt-out at any time
The Liberal Democrats may use the information you provide, including your political opinions, to further our objectives and share it with our elected representatives. Any data we gather will be used in accordance with our privacy policy: libdems.org.uk/privacy. You can exercise your rights and withdraw your consent to future communications by contacting us: data.protection@libdems.org.uk or: DPO, Lib Dems, 1 Vincent Square, SW1P 2PN.

Donate
to fuel our campaigns

Larry Ngan, Daniel and Fry with "Build More Houses" t-shirt on The Leas, Folkestone

This website uses cookies

Like most websites, this site uses cookies. Some are required to make it work, while others are used for statistical or marketing purposes. If you choose not to allow cookies some features may not be available, such as content from other websites. Please read our Cookie Policy for more information.

Essential cookies enable basic functions and are necessary for the website to function properly.
Statistics cookies collect information anonymously. This information helps us to understand how our visitors use our website.
Marketing cookies are used by third parties or publishers to display personalized advertisements. They do this by tracking visitors across websites.