Labour pledges to bring banks back to Britain’s high streets as 42.9% close in Burnley since 2015

The party has announced a new policy to bring banking services back to communities like Burnley as new analysis shows the scale of decline in services on high streets.

Labour say they will accelerate the roll out of ‘banking hubs’ which help people deposit and take out cash as well as get financial advice and help with banking services. Party officiald have said they will work with banks and, where necessary, bring in new powers for the FCA to stop people being left in ‘banking deserts’ guaranteeing communities access to face-to-face banking services.

The plan could see at least 350 banking hubs established on local high streets and, as hubs are shared by the major banks and building societies, customers from 10 different banks and building societies can all use the hub. As part of Labour’s pledge, areas that currently don’t have high street banks will be first in the queue.

Oliver Ryan, Burnley's Labour candidate, said: “I love our town centre. People shouldn’t need to travel far just to get the money they need to spend in our local communities. Labour’s plan will mean that people can access the services they need closer to home here in Burnley, Padiham and Brierfield.

“Along with reversing the Tories’ decline in our local banking services, Labour’s plans for small businesses will mean that we can find pride in our local high streets again.”

Almost half of bank branches in the UK have shut since the Conservatives won their majority in 2015. In whole of England there are now just 3,208 bank branches. 

Other plans to back the British high street include:

• 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

Labour’s Shadow Chancellor, Rachel Reeves, said: “Labour’s plan will bring banking services back to communities who have seen them disappear over recent years, meaning more people across the country will be able to access the services they need closer to home.”