Rural banking ten minute rule over first hurdle

A Bill put forward by Ochil and South Perthshire MP Luke Graham, seeking to secure the banking network in rural communities, has passed its first stage.

This week Mr Graham successfully introduced a Ten Minute Rule Bill to the House of Commons to amend the law relating to rural banking and small communities.

The Banking and Post Office Services (rural areas and small communities) bill includes placing a duty on a closing bank to provide a community investment fund from those banks which has received significant tax-payer assistance in the aftermath of the last economic crash; and to strengthen the provision of post office services for rural and small communities across the UK.

The bill will also seek to establish a Community Fund of £100,000 for each branch closure of tax payer owned banks to help support the communities and customers they are abandoning.

Mr Graham said: “The treatment of our rural communities by our banks, especially those such as RBS, that have been bailed out by the British tax payer, is an injustice.

“In some parts of my constituency, those with no access to their own vehicle are expected to make a 50 plus mile, two hour round trip by bus to access their bank.

“When banks and institutions have accepted public funding, they must accept it comes with public responsibilities.”