BREAKING THE BANK
Hundreds of towns left without a single branch by closures
ALMOST 400 towns have been told their last local bank is closing in the past two years.
Many people, particularly the elderly, have been left in “banking deserts”, unable to manage their money as branches disappear.
Since the start of 2022, the major banks have announced the closure of 388 branches in places where there are no alternatives nearby.
Age UK says older people are at risk of financial exclusion as they are not used to accessing online services.
And business groups have raised concerns about small firms losing valuable time due to having to travel further to pay in money.
At least 245 bank branches are set to close in 2024. Barclays, HSBC, NatWest, Lloyds and Halifax have all announced closures to cut costs.
Towns such as Todmorden in West Yorkshire, Westhoughton near Bolton, and suburbs such as Chapeltown in Sheffield and are now entirely without in-person banking services.
The Government has promised to introduce banking hubs but so far only 40 have opened.
The facilities, which are run by the Post Office, have a counter service where customers of all main banks can withdraw and deposit cash, make bill payments, and carry out regular banking transactions.
Roughly 100 are expected to be opened by the end of the year but Labour has said it would go further by guaranteeing the opening of at least 350.
Tulip Siddiq, Labour’s Shadow City Minister, said: “The Government’s failure to roll out banking hubs has left
SERVICE PLEDGE
Labour’s Tulip Siddiq Britain’s high streets in decline and cut off hundreds of thousands of people and small businesses from the services they need. “Almost 6,000 bank branches have closed their doors since 2015 under the Conservatives. “Labour’s plan will bring banking services back to communities who have seen them disappear over recent years, meaning more people and small businesses across the country will be able to access the services they need closer to home.” Ms Siddiq added: “Labour will tackle ghost high streets and ensure that every community has access to high street banking services.”