Peter Prinsley
Main Page: Peter Prinsley (Labour - Bury St Edmunds and Stowmarket)Department Debates - View all Peter Prinsley's debates with the HM Treasury
Face-to-Face Banking: Rural Areas
Peter Prinsley Excerpts(1 month, 3 weeks ago)
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Dr Peter Prinsley (Bury St Edmunds and Stowmarket) (Lab)
It is a pleasure to serve under your chairship, Mr Wishart. Welcome back from the summer holidays, everybody. I thank the hon. Member for South Devon (Caroline Voaden) for securing this important debate. I will focus my remarks on what the loss of banking services means for rural communities such as those in Bury St Edmunds and Stowmarket.
Let us imagine an older resident living in Ixworth, Stanton or one of the smaller villages surrounding our two market towns. A payment that they do not recognise appears on their statement. They are worried that they might have been scammed, and they want to speak to somebody they trust, show them the letter they have received and understand what to do next. For somebody living in a city or a town, that would be a short walk to the nearest branch, but for a person in rural Suffolk, it means arranging a lift, relying on an infrequent bus service or paying for a taxi—only to discover, perhaps, that the bank is closed. That is the reality behind every announcement of another bank closure.
We hear that customers are moving online. Revolut, which is now the fastest-growing bank in the country, has no branches. But the fact that most people use an app does not mean that everybody can, and it certainly does not mean that every banking problem can be solved through one. There are moments when people need to talk to somebody. That is particularly important in my constituency of Bury St Edmunds and Stowmarket, where there are large numbers of elderly residents. When a bank closes, the impact spreads everywhere. The planned closure of the Halifax branch in Bury St Edmunds is another reminder of the services that we cannot take for granted.
I am happy that the Government have a manifesto commitment to working with the banking industry to deliver 350 banking hubs by the end of this Parliament. Banking hubs are sensible alternatives that give customers access to cash and the opportunity to speak privately with representatives of their bank. However, rural communities must be properly considered when deciding where these hubs are located. Residents in rural Suffolk should not receive a second-class service simply because of where they live.