The Post Office is worth £100m a year to the Northern Ireland economy reveals report

The Post Office is worth around £100 million a year to the Northern Ireland economy, according to a new report.

A study by London Economics estimates the Post Office supports around 1,961 full-time equivalent jobs in Northern Ireland.

The report entitled Part and Parcel: the economic and social value of Post Office also revealed the £100m economic benefit within the province equates to around £53 per person.

London Economics also estimates the Post Office trips generated additional expenditure of £111million in other Northern Ireland high street shops, which equates to £59 per person.

The figures have been published as part of a wider UK report, which found the total social value of Post Office to consumers is nearly £4bn per annum, with social value delivered by Post Office 16.5 times greater than funding it receives from Government.

Post Office chief executive, Nick Read, said: “Post Office branches are essential to the high street ecosystem, driving footfall and

generating wider nearby economic activity, as well as providing an underlying economic infrastructure that supports SMEs. The report shows that this economic contribution is felt in every corner of the country, and across each parliamentary constituency, supporting 50,000 jobs, and generating an aggregate economic impact of £4.7 billion every year.

“Post Office is essential for the shopkeepers, traders, and nascent businesses of the nation as a whole, who rely on our continued presence on high streets in towns and villages everywhere.”

James Cannings, economic consultant at London Economics and one of the report’s authors, explained: “This report highlights the enormous value that Post Office generates in every corner of the UK, with a reach that is rarely seen by other businesses. Post Office is the backbone of the UK’s economy, supporting economic value through working as an important enabler for businesses. It also plays a key role in keeping the UK’s day to day commercial activities alive by creating a trusted anchor on high streets and by generating a livelihood for Postmasters."

Nick added: “Simply put, post offices, and the dedicated postmasters and postmistresses who run them, keep people connected.”