Enough PR! Many More Banking Hubs Required!

There’s been a lot of brilliant PR in recent weeks about Banking Hubs. The fact is, however, that the promise to deliver only 350 Banking Hubs by 2029 remains unchanged.

Let’s be crystal clear..

Those 350 promised Banking Hubs CANNOT fill the gaps created in community financial services provision by the disappearance of around 8000 bank branches.

It was quite wrong for a Government minister to agree this hopelessly low number of Banking Hubs, which I told Tulip Siddiq - the now former Economic Secretary to HM Treasury - in a meeting BEFORE she signed up for the “deal”.

The inadequacy of the 350 number is easily understood by looking at the populations of some of the communities already allocated Banking Hubs as part of the promised 350 total.

England:
Harleston, Norfolk - population 5000.
Leiston, Suffolk - population 5000.
Looe, Cornwall - population 5000 (pictured)

Scotland:
Burntisland, Fife - population 6000.
Turriff, Aberdeenshire - population 4700.

Wales:
Welshpool, Powys- population 6000.

Northern Ireland:
Kilkeel, County Down - population 6000.

There are around 1200 communities in the UK with populations between 5000 and 35,000.

Almost all of those communities had one or more bank branches (with ATMs) until recent years.

Virtually none of those communities have bank branches or bank ATMs today.

If the seven communities listed above deserve Banking Hubs, so do ALL the 1200 UK communities with between 5000 and 35,000 residents.

So a minimum of 1200 Banking Hubs.

In one recent day, 11 Banking Hubs were opened.

That’s great work- well done to the Cash Access UK team and their partners, such as the Post Office Ltd, for this achievement.

BUT the British public need to see more than a HUNDRED such days - and they need to see ALL of those Banking Hubs with 24/7 ATMs and automated cash deposit facilities for business and personal customers of ALL banks.

The issue here does not lie at the door of Cash Access UK or the Post Office.

The Government has simply signed up to the wrong deal with the banks who fund both Cash Access UK and LINK Scheme Ltd , the organisation that recommends communities which “deserve” a Banking Hubs.

The way forward is quite simple.

ALL communities with between 5000 and 35,000 residents that previously had bank branches MUST have Banking Hubs.

No assessment required.

JUST DO IT.

So long as the Government ensures that Cash Access UK is adequately funded by the banks, that will ensure that a network of 1200 or more Banking Hubs is established quickly, especially with a team in place capable of delivering 11 openings a day.

Any community with less than 5000 residents -like Turriff - can still apply to LINK for a Banking Hub. For those with more than 35,000 residents that lose all of their bank branches, no assessment required; they must get a Banking Hubs.

HM Treasury and the Financial Conduct Authority know all of this.

So let’s see some REAL action - and no more talk of only 350 Banking Hubs by 2029!