Bank Closures and Banking Hubs
Richard Quigley Excerpts(3 weeks, 1 day ago)
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Mr Richard Quigley (Isle of Wight West) (Lab)
I thank my hon. Friend the Member for Blyth and Ashington (Ian Lavery) for securing this important debate. Too often, I feel the issues that significantly affect the day-to-day lives of our constituents are pushed aside in favour of larger, headline-grabbing national concerns, but this topic of access to banking services—more specifically, access to cash—deserves far greater attention than it receives.
While colleagues here will be familiar with my No. 1 concern on the Isle of Wight—ferry connectivity—another issue came up repeatedly during the ’24 general election: high street bank closures. What struck me most was just how deeply that issue resonates with people. Many of the residents I have spoken with feel very abandoned by the institutions they once trusted with their life savings. They are expected to navigate an increasingly digital world, often without the necessary tools, skills or support. The result is a growing sense of exclusion and frustration, which is why the need for reliable, in-person banking services is not just important, but urgent. That is why I am pleased to report a positive development following a meeting with Link last month: a banking hub has opened in East Cowes, with plans for a permanent hub in West Cowes. While I do not claim that that hub alone solves the broader issue of financial inclusion on the island, it is a welcome and tangible step in the right direction.
However, we cannot ignore this trend and the anxiety that it causes our constituents. Across the country, rural and coastal communities are seeing their bank branches vanish from the high street. In many cases, residents must travel miles, sometimes without reliable transport, just to deposit a cheque. [Interruption.] Sorry, Madam Deputy Speaker; I was getting overexcited. According to the Financial Conduct Authority, around 1.1 million adults in the UK are unbanked. That is 1.1 million people without access to basic banking facilities—something that many of us take entirely for granted. Additionally, one in 10 adults have no cash savings whatsoever. Those figures should concern us all.
I worry especially for the older members of our communities. A 2023 report from Age UK found that three in four accountholders aged 65 and over would prefer to carry out at least one banking transaction at a branch. Those are not people resisting change for the sake of it: they are individuals who genuinely rely on physical, face-to-face interactions for their financial wellbeing. They are disproportionately concentrated in rural constituencies such as mine, where the proportion of residents over the age of 65 is nearly 10% higher than the national average. It is imperative that we do not leave those individuals behind.
This is not simply about preserving social interaction for its own sake: we are talking about people’s livelihoods—their savings, pensions and financial security. It is entirely reasonable for individuals to want the reassurance of speaking to a real person, face to face, when managing something as vital as their money. That is where banking hubs come in. These shared facilities provide a practical, community-focused solution. They combine the services of multiple banks in a single accessible location, supported by the post office network. They are staffed by real people who can help with deposits, withdrawals, and even financial guidance. Banking hubs are not just a stopgap; they are a forward-thinking solution that helps us bridge the digital divide, support more small businesses and charities that still rely heavily on cash, and maintain community cohesion in towns and villages that increasingly feel cut off.
All of this has reinforced my belief that banking hubs are not just a temporary fix; they could very well be a long-term solution, restoring vital financial services in the areas where they are needed most. Let us ensure that no community—whether rural, coastal or urban—is denied access to the essential services its people need to live with financial freedom. I thank Link and Cash Access UK for their work.
VAT: Independent Schools
Richard Quigley Excerpts(8 months, 2 weeks ago)
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Dr Ben Spencer (Runnymede and Weybridge) (Con)
Families and schools in my constituency are deeply concerned about this policy. They have contacted me to underline the pressure that it will put on them. Many have already started applying for state school places. Our independent schools reckon that about 5% to 10% of their students will move into the state sector. As we have heard, the measure will have a disproportionate impact on kids with SEND.
In my constituency, roughly 8,000 children are educated in the independent sector. That means a lot of pressure on local state schools. A lot of kids who have their special educational needs met by independent schools are now applying for EHCPs, which means extra pressure on assessments and provision. I support all my schools; I am aspirational for all the children in my constituency. This policy, if enacted—as I expect it will be—will cause great harm.
I would like the Minister to be able to quote back data, analyses and stats to me, and to say, “Ben, you’re wrong. Don’t worry your silly little head—it’s all going to be fine, and here is the data to back it up.” But he cannot; the data is not there because the Government have not done the analysis. This debate has, sadly, been driven by ideology. About one in five children are educated at independent schools in my patch. I must declare that I have chosen independent education for my children.
We will really suffer from this policy. The Under-Secretary of State for Education, the hon. Member for Portsmouth South (Stephen Morgan), is a good man. I know that Members across the House, especially new Members who are finding their feet in this place, are starting to think about policies and decisions going forward. I say to them, as I said to the Minister: “If you cannot see the data and analysis for this policy, please ask why.” Please ask for it.
Mr Richard Quigley (Isle of Wight West) (Lab)
Listening to the Conservatives and the amount of fearmongering they do, one might think that a previous Government had totally trashed the state sector; I think that is quite obvious.
Dr Spencer
As I said, schools in both the independent and state sectors are concerned about the policy and the sudden movement of children, in the middle of the year, into the state sector, which will struggle to find them places. Those children may be studying for exams and have already experienced covid disruption, and the state schools that they move to might not have the right courses. I plead with the Minister to look at the data and do the analysis to see if the policy will make money or lose it, and to consider the impact on children.
I go back to the brutal, bitter words of the consultation document that went out this summer:
“The government understands that moving schools can be challenging.”
If I were a child going through my GCSEs or A-levels, and was forced to move into the state sector because of this policy—the analysis of which I cannot see, because the Government have not done it or will not publish it—and I read those words, I would say, “Please delay this policy. Think again. Look at it, and try to mitigate the impact on children with special educational needs, on armed forces families, and of disruption during the school year. Please, if you are not going to stop it, at least delay it and do the working out.”