Asked by: Michael Payne (Labour - Gedling)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what her planned timetable is for introducing banking hubs in communities affected by bank branch closures.
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.
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. These will provide individuals and businesses up and down the country with critical cash and banking services.
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.