Asked by: Lewis Cocking (Conservative - Broxbourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department plans to take to support the establishment of Banking Hubs in town centres that no longer have any bank branches.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this parliament. Over 80 banking hubs are already open and Cash Access UK, who oversee banking hub rollout, expect 100 hubs to be open by Christmas.
The specific location of these hubs is determined independently by LINK, the operator of the UK’s largest ATM network. LINK considers certain criteria, such as whether another bank branch remains nearby, the local population, the number of cash-accepting businesses and the financial vulnerability of the community. An assessment of a community’s cash access needs can be requested on LINK’s website.
An alternative option for accessing face-to-face banking services is via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, cash cheques, and check their balance at 11,500 Post Office branches across the UK.
Asked by: Lewis Cocking (Conservative - Broxbourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to reduce the tax burden on working people.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government wants to keep taxes as low as possible on working people and will do so by delivering sustainable growth through economic stability and sound public finances. The upcoming Budget on 30 October will set out reforms to fix the foundations, so that we can rebuild Britain and make working people better off.
Asked by: Lewis Cocking (Conservative - Broxbourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to help preserve access to banking on high streets.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government recognises the importance of banking to communities and high streets and has committed to work closely with banks to roll out 350 banking hubs over the next five years. These will provide individuals and businesses up and down the country with critical cash and banking services.
So far, 147 banking hubs have been recommended and Cash Access UK, the industry body responsible for banking hub deployment, expects 100 banking hubs to be open before the end of the year.
While not the same as a bank branch, alternative options to access everyday banking services can also include telephone banking, through digital means such as mobile or online banking, and via one of the UK’s 11,500 Post Office branches.