Bank Closures and Banking Hubs

Clive Efford Excerpts

Thursday 5th June 2025 Commons Chamber

[Ian Lavery]

There is definitely room for discussion in that respect. We have got to make sure that people have financial services on the high street. It is pretty simple.

Link assesses the consequences of bank closures, but its objectives are directed by the FCA requirements, and basically, it can only assess a community based on access to cash—nothing else. No other social discussions take place; it is just based on access to cash.

[Clive Efford (Eltham and Chislehurst) (Lab)]

I congratulate my hon. Friend on securing this important debate. In Eltham, our last bank has closed, but because we still have a Nationwide in the town centre, the banks will not consider the option of a banking hub. That needs to change. Does he agree that we need a review of the criteria, so that we can have a chance of getting the banks at least to co-operate in a banking hub? They should not rely on Nationwide.

[Ian Lavery]

I of course agree: the criteria laid down by the Government, the banks, the FCA and Link need to be utterly overhauled to represent people in our communities. I will come on to some of the points that my hon. Friend raises.