The Post Office boss has been compelled to apologise after it emerged he banked an enormous bonus on the again of the Horizon laptop scandal.

Errors made by Horizon software program, which was made by tech agency Fujistu and utilized by the Post Office, led to the wrongful conviction of greater than 700 folks over false accounting and theft between 1999 and 2015.

Many harmless postmasters and mistresses additionally misplaced their livelihoods and life financial savings with some even committing suicide.

Nick Read, chief govt of the postage and banking group, informed MPs on the Business and Trade Committee, he obtained the funds unbeknown to inquiry chairman, retired High Court choose Sir Wyn Williams.

Mr Read, who had beforehand stated he has handed again bonus funds linked to cooperating with the inquiry, made a recent apology.

“Let me apologise for the error and the mistake that has been made in our incentive scheme,” he stated.

“When the scheme was established, it was part of the transformation of the Post Office.

“Clearly the independent inquiry became a statutory inquiry halfway through the scheme term, and the mistake was that we didn’t go back and revisit that particular incentive.

“That was an error and I apologise unreservedly for that, and that’s certainly something that we should have identified.”

Mr Read additionally believes the method of its historic shortfall scheme to repay victims has been honest regardless of fierce criticism from MPs at Tuesday’s committee.

It follows stories that beforehand convicted postmasters have seen compensation pay-outs closely lowered.

One 80-year-old former postmaster noticed his pay-out minimize from round £330,000 to £8,000 as a consequence of tax and chapter proceedings.

When questioned whether or not pay-outs have been honest, Mr Read stated: “Our objective is to make sure this is fair. I understand the principles and the approach to fairness that is being applied.

“I believe that is the case and I believe it is happening that way.”

The listening to comes a day after the Government confirmed that postmasters within the compensation scheme will obtain top-up funds to make sure the quantity they obtain isn't “unduly reduced by tax”.

Postal affairs minister Kevin Hollinrake stated he anticipated an extra £26m to be handed to claiming by way of these tax-exempt top-ups.

Mr Read stated that progress is being made with the shortfall scheme.

“The historic shortfall scheme will come to its conclusion very soon - we have 15 outstanding,” he added.

“The late applicants to the historic shortfall scheme total some 226 of which we have settled 79 already.

“Regarding the overturned historic convictions, we want to have more people come forward. We have to get more people and I’m deeply troubled that people aren’t coming forward.”