KEEP OUR COMMUNITIES OPEN FOR BUSINESS
HUNDREDS of towns and villages are now bankless as a result of the mass closure of branches by the big banks. But some financial institutions are refusing to give up on the high street. They realise that the withdrawal of the big banks gives them an ideal opportunity to demonstrate support for the communities they are dependent upon for their very own survival.
In this special three-page report, Personal Finance Editor JEFF PRESTRIDGE looks at the work being done by some to keep financial services on the high street. He begins his report in the Lake District.
AMBLESIDE is a thriving Cumbrian town. As the gateway to the southern fells of the Lake District, it is a bolthole for walkers, overseas tourists in search of a bit of William Wordsworth, and students at the University of Cumbria’s campus in the town.
Yet despite the constant stream of visitors, as well as an independently owned cinema (Zeffirellis), a number of fine dining restaurants (The Old Stamp House and Lake Road Kitchen) and a host of bed and breakfasts and guest houses, Ambleside is now deemed a no-go zone as far as the big banks are concerned.
Bar clays, H SB Ca nd, most recently, NatWest have all pulled out of the town, claiming that a high street presence no longer works for them. When NatWest pulled down the shutters for the last time on its rather ugly branch in October 2017, it said counter transactions at the branch had declined by 43 per cent since 2010.
Ambleside’s plight is not unique. Far from it. All the big banks – Barclays, HSBC, Lloyds and NatWest – have pushed through draconian branch-axing programmes in recent years. Closures perpetuated by the growth of internet banking – and a steely determination to cut costs and staff numbers.
The closures show no sign of slowing up. Royal Bank of Scotland, the owner of NatWest, recently announced plans to shut another 162 outlets in the coming months.
IT IS time to change tack. Today, but not before the shedding of the odd tear or two, we put to rest our long-standing Save Our Banks campaign. A big thank you to all those who have supported us along the way.
In its place, and on a more positive note, we are launching our Keep Our Communities Open For Business campaign.
Instead of continuing to lambast the big banks for shutting their branches, which in recent years they have done in droves – and will continue to do – we now want to highlight the good work that other financial institutions are doing to keep communities up and down the country vibrant.
Support that often goes under the radar because of its localised nature, but which we passionately believe is deserving of our backing. After all, I am sure most of us want our high streets to remain bustling and our towns and villages to be hives of activity – just as much as we
need our broadband reception to work and our wi-fi signal to be strong, not weak.
Today’s three-page special report was spawned by a recent visit made to Ambleside where I was taken aback by the fact that this busy Cumbrian town had lost all its banks. It just did not make sense.
Although most of the people I met – guest house owners, retailers and restaurateurs – were angry at the big banks’ withdrawal en masse, they preferred to look at the positives.
They do not have time to moan – they need to get on, run their businesses and make a living. So they pointed me in the direction of local building societies which had stepped into the void left by the banks. Speak to them, they
implored. I did and was immediately impressed with their commitment to the communities – not just Ambleside – they serve. I was also contacted by members of The Comoola Tree Project who are hopeful of setting up a nationwide franchise of community hubs which locals can use to do everything from banking to shopping. The Keep Our Communities Open For Business campaign was born.
In the coming weeks, we will continue to highlight the good work of those financial institutions determined to remain faithful to the high street – while simultaneously allowing customers to use the mobile apps and internet which the big banks are in thrall with.
We are also keen to hear from communities which might have lost their last bank but are determined to stay vibrant. Drop me a line with your thoughts. I would love to hear from you.