Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the economic impact of bank branch closures on high streets for local businesses; and what steps are being considered to mitigate these.

Banking is changing, with many customers benefiting from the ease and convenience of remote banking. Whilst the Government does not make economic estimates regarding the impact of branch closures, the Government does understand the importance of face-to-face banking to high streets and is committed to championing sufficient access for customers. That is why the Government is working closely with industry to roll out 350 banking hubs on high streets across the UK by the end of this Parliament. More than 240 hubs have been announced so far, and over 190 are already open.

This Government is fully committed to rejuvenating our high streets and supporting the businesses and communities that make our town centres successful. Alongside the £5bn funding for Pride in Place, we have announced a suite of tools to support communities to improve their high streets, including: High Street Rental Auctions giving councils the power to auction the lease of long-term vacant premises; a Community Right to Buy for communities to take ownership of local buildings they value; and streamlining the compulsory purchase process to help local authorities regenerate high streets.