Financial Inclusion: Rural Areas
Debate between Anna Sabine and Adam Dance(1 week ago)
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Anna Sabine
I totally agree with the hon. Member; that is exactly the point that we are trying to make. I believe Link wants the flexibility to make more subtle judgments, rather than working on a flat assessment structure.
With the closure of bank branches, banking hubs are becoming a lifeline for many towns, reinvigorating high streets and increasing football—footfall, even. They probably increase football as well. Frome residents are excited to have their banking hub open soon.
Adam Dance (Yeovil) (LD)
It is a pleasure to serve under your chairmanship, Mr Pritchard. Does my hon. Friend agree that banking hubs are key for financial inclusion? Does she share my concern that the Government’s plan to build 350 banking hubs over five years across the entire country is not enough to ensure proper access to in-person banking and cash services in rural communities? Does she also share my frustration that the town of Ilminster in my constituency has just been denied a banking hub by Link’s reassessment? Will she join me in calling for Link to reconsider its decision?
Anna Sabine
I am sorry to hear about what is happening in Ilminster; it sounds very frustrating. I will talk a little more about banking hubs and why they are a good thing that we need more of.
Prosper Frome, an organisation in my constituency that focuses on improving financial accessibility, had been advocating for a banking hub for over a year before it was announced by Link and Cash Access UK in September. That was a great relief to residents, who were about to see their final bank close, but Jean and Sam at Prosper Frome believe that the scope for banking hubs is too narrow, and have been lobbying hard to get a banking hub included as part of a much wider community project, enabling the hub to be multi-purpose. Making banking hubs more diverse widens their appeal and can make banking and financial inclusion the anchor of the kinds of community third spaces that many towns currently lack.