David Chadwick MP calls for more banking hubs in towns

Tindle News

David Chadwick has submitted applications for new banking hubs in four towns across his constituency, saying urgent action is needed to support communities left behind by branch closures. The Brecon, Radnor and Cwm Tawe MP told the House of Commons this week that the current framework for approving banking hubs is “far too restrictive” and urged the Government to go beyond its existing pledge of 350 hubs nationwide. Video from parliamentlive.tv

Transcript

00:00...is without one.

00:01David Chadwick.

00:02Thank you, Deputy Speaker, and I'd like to thank the Honourable Member for securing this debate.

00:07One of the most meaningful moments I've had so far as a Member of Parliament

00:10was hearing the elderly residents in a nearby care home thank me for securing a banking hub in Astragunlis.

00:18That hub is now open and working.

00:20It's providing an essential service to residents and small businesses,

00:23many of whom were previously facing long and expensive journeys just to access basic banking services.

00:28The local response has been overwhelmingly positive.

00:32Many residents have said that bringing back banking services

00:35is the first time they've seen their community restoring services in many years.

00:40This did not just happen by chance, and I'd like to put on record my thanks to all the staff at LINC, the regulator.

00:47LINC engaged with us throughout the process.

00:50They took the time to understand the community's cash and banking needs and sought to find a solution.

00:55Their involvement was constructive, and I commend them for it.

00:58And that's how an effective regulator can make life better for ordinary people in reining in corporate greed.

01:05And if the Government is looking for ways to win back favour, then this surely must be one of them,

01:09committing to more banking hubs.

01:11The Government has committed to 350, but in reality, as we've already heard, the country needs far more.

01:18The demand is there, the model works, but the current framework is far too restrictive.

01:24I've submitted applications for new hubs in my constituency, in Pontedower, Brecon, Pristine and Biltwells,

01:30and each of those communities has a clear case.

01:33But what is needed is a system that supports those applications,

01:36not one that holds them back through the outdated rules and artificial limits.

01:41In Brecon, we only have one final bank branch remaining.

01:45In Hay-on-Wire, a town blessed with a bustling high street and a number of independent businesses,

01:50not a single bank remains.

01:53Elsewhere, in Radnorshire, Pristine saw its last bank close earlier this year.

01:58And Rayada is troubled by community bankers who don't wish to visit it.

02:03In Pontedower, in the Swansea Valley, Lloyds is due to close the final remaining branch later this year,

02:08citing a lack of footfall despite queues from the door to the counter.

02:11And this is all the while banks continue to report billions of pounds in annual profits and rising dividends.

02:17They say they have no option but to close these branches because of the digital transformation,

02:22but yet some of them still cite statistics showing that up to 50% of their customers still need physical services.

02:29The banks have fundamentally changed their service offering.

02:33Who would now deposit their life savings with someone that offers to meet them in a car park once a week?

02:39That's what Charlie Nunn, the CEO of Lloyds Bank, has done to his customers in Pristine, Brecon, Ostrogunlice and now Pontedower.

02:48He took home a staggering £5.6 billion last year,

02:51has closed over 140 bank branches to save his company on some overheads

02:55and managed to bump up the Lloyds dividend by 13%.

02:58Does he deserve that?

03:00Does he know the misery that he's caused for people in doing so?

03:03And will he stop the closure of Pontedower Bank Brunch,

03:06something that over 500 local residents have called on him to do?

03:08Do you mind when they need to do that?

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