High Street Banks

Lord Hunt of Wirral Excerpts

Wednesday 19th December 2018 Lords Chamber

[Lord Bates]

I understand the point about consultation but that was the whole point of Professor Griggs’ review and the new access to banking standard, which is upheld by the Lending Standards Board. We cannot be in the position of asking whether we are going to subsidise five of the six banks to remain open with taxpayers’ money. We have decided to respond by coming up with an arrangement for the Post Office to be the place of choice for people to transact their personal, face-to-face banking needs. I think that that is a better way forward.

[Lord Hunt of Wirral (Con)]

Will my noble friend the Minister take time in a busy day to read the interim report of Natalie Ceeney into access to cash? I declare an interest as a non-executive director of LINK. There is a vital need, particularly among vulnerable people, to have access to cash.

[Lord Bates]

My noble friend is absolutely right. The access to cash review by Natalie Ceeney, who is a former member of the Financial Ombudsman Service, will be a critical contribution to our assessment of those factors going forward. I understand that she is due to produce her full review in the spring of next year and we will very much look forward to taking it into account.