The Post Office should offer its own banking services to assist businesses setting up in the Isle of Man, an MHK says.

The call was made in the House of Keys on Tuesday by Jason Moorhouse (Arbory, Castletown and Malew), who said it could be difficult to open a bank account in the island, especially for e-business companies.

’Both companies and the economy would benefit if the Post Office was to enter the banking market,’ he added.

Post Office chairman Julie Edge said that the Post Office was not currently planning to apply for its own banking licence, but was aware the Treasury and Department of Economic Development was looking at ways to better support banking services in the island.

Ms Edge added: ’I have every intention of the Post Office working with Treasury and the Department of Economic Development to ensure that the services and products it can make available to support island life, individuals, and businesses, are considered to ensure the effectiveness of the Isle of Man Government as a whole to deliver services to its people’

Ms Edge detailed how the Post Office does act as an agent for a number of high street banks, allowing customers to make deposits and withdrawals.

She added: ’Under my chairmanship, and alongside a new vice-chairman and board, the Isle of Man Post Office’s strategy is currently under review.

’The Post Office is delivering core community services and ancillary commercial activities to support its contribution to government resources.’