Labour will stop the decline of the great British high street and bring much-needed banking services back to communities in the Rhondda.
Labour has announced it will accelerate the rollout of ‘banking hubs’ which help people deposit and take out cash as well as get support and help with broader banking services. Labour will work with banks and, where necessary, bring in new powers for the Financial Conduct Authority to stop people being left in ‘banking deserts’, guaranteeing communities access to face-to-face banking services.
Buffy Williams MS and I pressed for a banking hub for Treorchy LINK earlier this year after the town was left without any bank branches.
Many individuals believe that banks are pressuring them to utilise online banking and are getting rid of in-person banking services. However, there are many people who solely rely on branch banking and are not comfortable with online banking. Moreover, local businesses require a nearby location to access funding and deposit cash without having to travel long distances. Labour’s proposal aims to bring banking services back to communities that have seen them vanish over the years. This will result in more people throughout the country being able to access the necessary services closer to their homes.
Labour’s plan could see at least 350 banking hubs established on local high streets, and as hubs are shared by the major banks, customers from almost every bank can use the hub. The plans come as Labour reveals the shocking lack of banking services available on British high streets. Alongside the plans to bring back banking to communities, Labour will also back the great British high street with plans to:
- Give councils the power to tackle shuttered-up shops.
- Tackle antisocial behaviour and shoplifting through dedicated police patrols.
- Replace business rates with a fairer system.
- End late payments to support small businesses.
