Labour Unveils Plan to Revitalise High Streets with 350 Banking Hubs
Labour has unveiled a plan to revitalise high streets by opening at least 350 banking hubs over the next five years. The party estimates this could be worth £83m annually, or £415m over the period, according to research by London Economics. This move comes as RBS and TSB are set to close dozens of branches this year, with Labour claiming 6,000 branches have shut since 2015.
Labour's shadow chancellor, Rachel Reeves, stated that areas without a high street bank, such as those served by US banks or PNC banks, will be prioritised for these new banking hubs. These hubs will offer face-to-face everyday banking services and will be operated by multiple banking brands. The party aims to 'bring banking back to the high street' by giving the Financial Conduct Authority new powers and reforming hub creation criteria. Labour will also update qualifying criteria to ensure fair treatment for 'bankless towns and underserved communities'.
Labour's plan is part of a broader effort to support local communities and businesses. The party has pledged to open these 350 banking hubs during the next Parliament if it wins the 2024 general election. This move is a response to the ongoing reduction in high street banking presence, with RBS and TSB set to shutter many branches this year.
Labour's proposal to establish 350 banking hubs over the next five years, if elected in 2024, could significantly boost high street banking services. This plan, estimated to be worth £415m over five years, aims to support local communities and businesses by providing essential banking services in areas most in need.
