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High Street Bank Closures
28 February 2023
Lead MP
Alex Davies-Jones
Debate Type
Adjournment Debate
Tags
EconomyBusiness & Trade
Other Contributors: 1
At a Glance
Alex Davies-Jones raised concerns about high street bank closures in the House of Commons. A government minister responded. Other MPs also contributed.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
The MP for Pontypridd raised concerns about the alarming trend of bank closures across the UK, particularly in Wales where 43% of bank branches have closed between 2015 and 2019. She highlighted specific instances in her constituency such as the closure of Barclays branch in Talbot Green in May 2023 following HSBC's closure in 2021. The MP emphasised that these closures affect local businesses, charities, and vulnerable people who rely on cash transactions and face-to-face banking services. She called for action from the government to address this issue, including a statutory duty for banks to serve their communities.
Agreed with the hon. Member about the impact of bank closures on local charities and small businesses that rely heavily on cash transactions.
Government Response
The Minister acknowledged the importance of high streets and recognised the concerns raised by Members about bank closures. He mentioned a comprehensive package of £400 billion in direct support for local communities, including the towns fund and levelling-up fund which are investing £8 billion to regenerate local areas. Regarding bank branch closures, he noted that while banks are becoming less frequented due to digital banking trends, the government does not intervene in these decisions but supports measures such as post office branches offering banking services. The Minister also highlighted legislative steps through the Financial Services and Markets Bill aimed at protecting access to cash and supporting credit unions. He concluded by reiterating the government's commitment to a financial sector that serves everyone.
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Assessment & feedback
Summary accuracy
About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.