In a recent Sunday Times article it was reported that in Britain areas that have been stripped of bank branches are typically poorer, have older populations and suffer from slow broadband.
It goes without saying that South Holland and the Deepings has been hugely affected by the closing of many bank branches – since 2015 a staggering 44 per cent of branches have closed.
In an area such as ours with the demographics that are present the existence of bank branches is a lifeline for people to carry out their daily lives, as well as providing those who need it most with the assurances they need regarding the safety and security of their money in today’s day and age of rising banking fraud.
The fact is, despite the legitimate concerns of many, the banks that were bailed out at our expense despite their recklessness ten years ago continue to throw it all back in our faces, not listening and closing more and more branches every single year.
It does, however, not have to be this way.
A recent proposal of the Labour party including launching a publicly-owned bank using the Post Office network to provide long-term support to communities that have been neglected by the financial system.
The initiative should create up to 3,600 banking locations across the UK, and would help communities and the high street by offering easy-to access, face-to-face banking under a trusted name.
We know that times need to move with technology, but with such important matters as the money in your pocket, shrinking and shrinking despite us working harder and longer than ever, it is essential that banking branch closures are turned around, and we start putting everyday people’s needs at the centre of banking again. That is the least they are due.
Mark Popple, Vice-Chair South Holland and Deepings CLP
