Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment she has made of the impact of bank branch closures on local (a) residents and (b) businesses in market towns in Surrey Heath constituency.

The Government understands the importance of face-to-face banking to communities, high streets and market towns in Surrey Heath and across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide local residents and businesses up and down the country with critical cash and banking services. Over 220 banking hubs have been announced so far, and over 135 are already open.

Banking has changed significantly in recent years with many customers benefitting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks and building societies, 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 at 11,500 Post Office branches across the UK.