Bank Closures and Banking Hubs

Ben Goldsborough Excerpts

Thursday 5th June 2025 Commons Chamber

[Ben Goldsborough (South Norfolk) (Lab)]

I congratulate my hon. Friend the Member for Blyth and Ashington (Ian Lavery) on securing the debate.

South Norfolk is no stranger to the creeping erosion of our local banking infrastructure. In January this year, Lloyds bank announced that it will close its branch in Wymondham, which is the last high street bank in the town. That leaves only a single branch of the Nationwide building society to serve a growing population of over 17,000. The day after the closure was announced, on 30 January, I secured an emergency meeting with Lloyds bank and made it clear that, without alternative provision, the closure would have serious consequences, especially for small businesses, and the data bears this out. Lloyds bank’s own data shows that Wymondham cashpoint use increased by 17% between 2019 and 2024. That is not a service in decline, but a service in demand. It is absolutely clear that a new banking hub must be up and running before the bank branch closes next March. I am pleased to report that this has now been arranged and that the site is currently being finalised. I will continue to do everything within my power to ensure that Wymondham is not left behind.

However, this issue is not limited to my largest town in South Norfolk. Loddon lost its Barclays bank in 2017, Long Stratton lost its Barclays bank in 2015, and if we are not careful, the story will be repeated across every rural constituency in the country. For rural communities such as mine, access to cash is not a matter of convenience; it is essential. Many of our villages still experience patchy mobile signal and poor internet connectivity, and when card machines go down or wi-fi drops out, it is cash that keeps the local economy going.

We must remember that rural Norfolk has one of the oldest populations in the country. Many residents prefer, or simply need, to manage their money in person. For them, travelling 20 or 30 miles to the nearest bank in Norwich is not going to work. That is why we need to be far more imaginative about how we can ensure that people have access to cash. One idea is to reimagine how we use our post offices and pubs. We all know that pubs are the hubs of our communities in village life, but too many are struggling to stay open. Letting them provide additional services, such as access to cash and postal services, would be a way to keep those hubs of rural village life going.

Community banking should not be something that we fight tooth and nail to preserve; it should be the backbone of a fair and functioning economy. Our rural towns and villages should not be told that their need is out of date or out of scope. I will keep fighting for that in Wymondham, Loddon, Long Stratton and all the villages of South Norfolk, and I know that many of my hon. Friends will be doing the same for their rural communities.