Earlier this year, Lloyds Bank announced that the final local bank branch in Belper would close this coming November. Since then, I have been talking to local constituents and stakeholders, as well as small businesses, to discuss the impact of this. Belper would be without any high street banks, meaning that there would be no option for those that want or need to use in-person services other than to head to another town.
I discussed this issue with the Small Business Minister, Jane Hunt MP, when she visited Belper in August. We discussed the importance of in-person banking not just for individuals who cannot use virtual services, but also for small businesses for their cash needs.
I therefore, with the assistance of Belper Conservatives, put out a survey, which revealed that more than 50% of respondents use and have used a high street bank branch in Belper in the last month, and that nearly 40% of residents never use virtual or telephone banking services. This is clearly an important issue for them, and over 85% of respondents ‘strongly disapproved’ of the decision to close the final high street bank.
My survey also asked residents how they would get to their nearest high street branch once Belper closed, and over 50% said they would do so by car. This is clearly adding both to traffic problems, and also to our environmental concerns. We want to reduce the need to travel by car wherever we can. Even more worryingly, nearly 20% of respondents told me that they had no way of getting to a nearby town to do their in-person banking.
It is therefore no surprise that over 65% of residents would find it ‘extremely’ or ‘very’ valuable to have a Shared Banking Hub in Belper, where different high street banks could occupy the space on each day of the week, so that customers of all banks would be able to do their in-person banking there.
With this information, I arranged to meet with UK Finance and LINK, who represent the coalition of high street banks committed to ensuring that people still have access to their cash and banking services even when banks close.
I am delighted that following that meeting, they have announced that Belper will be the site of a Shared Banking Hub, and I will work closely with UK Finance and LINK to ensure that it meets the needs of residents of Belper. This will be advantageous for all those who prefer to do their banking in-person, and will also protect our environment by reducing unnecessary car journeys.
Thank you to all those who responded to my survey and who have helped win this important victory for Belper.
