Money Wellness
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calendar icon01 Dec 2023

Labour to bring banking services back to the high street

A Labour government will bring banking services back to the high street, it has been claimed.

The party said it will stop people being left in “banking deserts” and ensure communities have access to face-to-face services.

What's the plan?

Labour explained it would achieve its goal by:

  • speeding up the roll out of banking hubs – creating at least 350 locations up and down the country where people with accounts at various major banks can deposit and withdraw cash, as well as getting help with wider banking services
  • working with banks to make sure people can access the services they need
  • bringing in new powers for the Financial Conduct Authority, if necessary, that will guarantee people access to banking services
  • prioritising areas that currently have no high street banks

Bank closures

Almost half of bank branches in the UK have closed their doors since the Conservatives won their majority in 2015.

Regions such as Yorkshire and the South West have lost nearly two thirds of their bank branches.

Across England, just 3,208 bank branches remain in operation.

Ghost high streets

Rachel Reeves, the shadow chancellor, 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.

“Labour will tackle ghost high streets and ensure that every community has access to high street banking services.”

Has your high street bank closed?

If your local bank branch has shut up shop and you're unsure how to access the services you need, read our guide on alternative places to do your banking.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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