Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress she has made on a timetable for the creation of banking hubs in rural areas.

The Government understands the importance of face-to-face banking to communities and high streets and is committed to championing sufficient access for all as a priority. 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.

Currently, over 80 banking hubs are already open and Cash Access UK, who oversee banking hub rollout, expect 100 hubs to be open by Christmas. These hubs will provide small businesses and individuals who need face-to-face support with critical cash and in-person banking services.

The locations of these hubs is determined independently by LINK, the operator of the UK’s largest ATM network. Criteria that LINK consider include whether another bank branch remains nearby, local population, number of cash-accepting businesses and the financial vulnerability of the community. LINK has recommended a banking hub in Sherborne in response to the closure of the Lloyds Bank branch there.

Regarding branch closures in West Dorset, 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. As well as banking hubs, 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.