I had discussions with the Nationwide building society on 20 February, and it announced that it would sign up to the universal bank. I advise Opposition Members to recognise that we have an opportunity here to tackle financial exclusion. One hundred per cent. of the socially and financially excluded are among the 28 million people a week who visit post offices, and the universal bank will provide an exciting opportunity to move forward and, at the same time, to address the problems of branch closures and of people continuing to receive their benefits and pensions in cash across a post office counter. That is our aim. This is an exciting prospect and we aim to deliver on it.
Friend is absolutely right.
I would have expected Members on both sides of the House to recognise the opportunities that the proposal makes available. That will open up the opportunity for far more work across post office counters. It will also attack the disgraceful situation in which up to 5 million people in this country do not have bank accounts or any of the advantages that they bring. Those are constructive, fruitful discussions. The banks have no legal obligation to sign up to universal banking services.