Banking Hubs

Mike Wood Excerpts

Wednesday 20th May 2026 Commons Chamber

[Graham Leadbitter]

Absolutely. I am about to talk about the critical services offered by banks through banking hubs, which addresses the hon. Gentleman’s point.

Community bankers located within banking hubs can offer much needed savings, loan and mortgage advice. Recently, a local community leader in Grantown made the strong point that basic business support, such as collecting change, depositing and withdrawing cash, transferring money between business accounts, making payments, managing cards, fraud support and money advice and even offering simple advice on how to open a business bank account, can be the difference between a business thriving and a business failing in a rural community.

Paying utility bills, depositing cheques and, for local charitable groups, even depositing the proceeds from a coffee morning or a raffle stall at a Highland Games, can make the difference between succeeding or struggling. The golden thread in all of this is that without banking hubs in the areas that need them, current policy is making it harder for people to buy their own homes, to run their own businesses and even to simply access cash in these areas.

I am pleased to acknowledge the Government’s announcement last week of an independent access to cash review, which will report in October 2026. I would have liked that work to have been done and concluded by now, but now it is in place I do not want to be churlish or grumpy about it. I know that those engaged in that review will be paying close attention to debates like this. I am sure that they will have noted the number of hon. Members from all political parties who are contributing to this debate and making their views and those of their communities known on this important issue. It is important that the regulators and the independent reviewer hear that breadth of opinion, because that will inform the response to the review.

[Mike Wood (Kingswinford and South Staffordshire) (Con)]

I thank the hon. Gentleman for giving way and allowing me to give one further example that I hope the reviewers will consider. Lloyds will this month close the last existing bank in Kingswinford and South Staffordshire, leaving all of my constituents, whether urban or rural, without a proper bank. However, none of the villages are eligible for banking hubs because of the presence of building societies—sometimes part-time building societies —within the villages. Does he agree that while our building societies provide a fantastic service, they do not provide the range of services that my constituents, particularly those with small businesses, need that could be offered through a banking hub?

[Graham Leadbitter]

Absolutely. Again, that goes back to the point I made about people needing a business service and basic business advice without having to travel dozens of miles to access that. Setting up a business is hard at the best of times, and having simple access to somewhere that will answer simple questions is really important.

To conclude my 12-minute speech that has now lasted for 20 minutes, banking hubs would make a massive difference to communities like Lossiemouth, Grantown, Aviemore and Nairn, and to the many other communities that Members from across the House have mentioned in the debate. I trust that the Minister will recognise the firm but constructive approach that I and other Members have taken on this important issue.