In a crunch meeting this month with banking experts, Luke Hall MP has put forward a local bid for Banking Hubs to be introduced in the community, to compensate for the loss of High Street bank services which have been lost in recent years.
Luke Hall has launched a campaign to secure a return of everyday bank services, in the form of “Banking Hubs”, where residents can speak in person with a local representative from a number of banks including Barclays, Lloyds Bank, HSBC, NatWest and TSB.
The MP has now met with representatives from LINK, an organisation that focuses on maintaining free access to cash across the UK. This includes maintaining the coverage of free-to-use ATMs in the most remote and rural locations as well as improving free access in the most deprived areas of the UK.
In his meeting, Luke discussed bringing bank hubs to South Gloucestershire, where multiple banks could to join together and fund a permanent high street presence for banking services in our local town. Luke has requested that Thornbury and Chipping Sodbury are considered for a banking hub, following a 45% drop in high street banks since 2021.
Following his meeting, Luke has also written to the Financial Conduct Authority, who will be taking over responsibility for the operation of Banking Hubs from later this year, asking them to ensure Thornbury is eligible for a banking hub despite still having one remaining high street bank.
Luke made arguments around access to cash and banking services, including the distance residents around Thornbury and Sodbury must travel to the next town with banking services, and the levels of digital exclusion around rural South Gloucestershire.
The MP said, “Despite modern innovations, we do not live in a cashless society. People still require banks, and banking hubs and similar schemes are the solution to this. I have been clear with the Financial Conduct Authority that we must move away from a “last bank in town” rule to a rule where LINK can assess each community uniquely and properly protect access to cash.”
“Here in South Gloucestershire there is an obvious need for Banking Hubs and a real demand for easier access to everyday bank services. I will continue to work to secure these services for Thornbury’s and Chipping Sodbury’s High Streets and our surrounding villages”.
