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Posted: Fri 1st Dec 2023
Labour has promised to deal with the growing trend of high street bank branch closures by ensuring all areas have access to in person banking.
If it wins the next general election, the party said it will accelerate the roll out of 'banking hubs' which allow people to deposit and withdraw cash as well as use other banking services. It also pledged to, if necessary, give new powers for the Financial Conduct Authority to stop people being left in "banking deserts".
Labour highlighted new research by Which? which found that almost half of bank branches have closed since 2015. In some regions, such as the South West and Yorkshire, almost two thirds of branches are no longer open.
At least 350 banking hubs will be set up on local high streets, the party promised, with areas that currently don't have banks prioritised.
Rachel Reeves, Labour's shadow chancellor, said:
"Labour's plan will bring banking services back to communities who have seen them disappear over recent years, meaning more people across the country will be able to access the services they need closer to home.
"Labour will tackle ghost high streets and ensure that every community has access to high street banking services."
The banking commitment follows the launch earlier this week of Labour's plan for how it will support small businesses in government. It brought together measures including tackling late payment, revitalising high streets and scrapping business rates.
