POST OFFICE CHRISTMAS CLUB (No. 2)

That this House welcomes the launch of a new Christmas Club by Post Office Ltd in the wake of the Farepak collapse; believes that the product offers a secure and convenient way to save for Christmas 2008 and will fill a gap identified by HM Treasury's Review of Christmas Savings Schemes conducted by Brian Pomeroy, Chairman of the Financial Inclusion Taskforce; further welcomes the fact that funds deposited in the Post Office Christmas Club will be governed by strict e-money regulations and locked away in a protected account until November 2008; notes that Christmas Club members will be able to benefit from further rewards as the Post Office negotiates discounts and bonuses with retailers; and recognises that the Post Office as one of the UK's most trusted brands with the largest network is the ideal institution to launch such a product.