Read said the Post Office has drastically changed over the past few years and has earmarked around a billion pounds ($1.3 billion) for compensation.
He also confirmed it would not pursue any further prosecutions and that it is actively looking to replace the much-altered Horizon system in its branches.
The Post Office maintained that Horizon was reliable and accused branch managers of dishonesty.
The number of victims is not fully known, and it emerged Tuesday that hundreds more may have been financially affected by the faulty computer system.
A group of postal workers took legal action against the Post Office in 2016.
Persons:
Paul Patterson, “, ”, Patterson, Nick Read, Read, Rishi Sunak, Mr, Bates, Alan Bates, Toby Jones, “ It’s, Jo Hamilton, Neil Hudgell
Organizations:
Fujitsu, Fujitsu Ltd, Post, Post Office, Parliament's Business, Trade, Court, ITV
Locations:
Europe, Japan, London