Local Bank Branch Closures

Mark Eastwood Excerpts

Tuesday 5th September 2023 Commons Chamber

[Amy Callaghan]

I could not agree more. I welcome the hon. Member’s intervention—I kicked him into gear, didn’t I? It was much appreciated.

Local bank branches are closing right across Scotland, and at a higher rate than in the rest of the UK.

[Mark Eastwood (Dewsbury) (Con)]

While avoiding the hon. Lady’s rhetoric in the opening of her speech, I agree that the closing of banks in localities—particularly in Dewsbury, Mirfield and Ossett in the area I represent—is a big issue. The banking sector is bringing forward a number of initiatives, one of which is a banking hub, which brings banks together in a town centre building. Has she considered that as an option, and would she be in favour of it?

[Amy Callaghan]

I will answer the hon. Member’s question in a second, but it is certainly not rhetoric to say that the Tory Government have not stepped up anywhere near enough to support our communities and people who are struggling through the cost of living crisis. We need local bank branches. Hubs are an alternative, though they are not good enough, but I welcome his point of view.

We would be lucky to have as many bank branches open in our constituencies as have closed in the recent years. At least 265 local branches are set to close this year alone, and 62 parliamentary constituencies are down to one or no local banks. The UK has lost over half its bank network since 2015, which speaks volumes after 13 years of Tory rule. How many more banks do we have to lose before the Minister kicks into gear?