Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to support small businesses impacted by a reduction in in-person banking services in Lincolnshire.

The Government understands the importance of face-to-face banking to constituents and businesses in Lincolnshire and across the UK and is committed to championing sufficient access for all. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.

FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.

Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques. The Government protects the Post Office network by setting minimum access criteria. These include ensuring that 99% of the UK population lives within three miles of a Post Office and 90% of the population within one mile.

To stimulate local economic growth the Government intends to introduce permanently lower tax rates for high street retail, hospitality, and leisure properties with rateable values below half a million pounds from 2026 – 2027 and later this year, the Government will publish a Small Business Strategy, setting out our vision for small businesses.

Taken together, these actions will support businesses in Lincolnshire and across the country to drive local economic growth.