Banking Hubs
The question
To ask the Chancellor of the Exchequer, whether she has made an assessment of the adequacy of the assessment (a) process and (b) criteria for the establishment of banking hubs.
Answered by Emma Reynolds
The Government understands the importance of face-to-face banking to communities, high streets, and rural areas across the UK, and is committed to championing sufficient access for all as a priority. The Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open.
The locations of banking hubs are independently determined by LINK, the industry coordinating body responsible for making access to cash assessments. When a cash service such as a bank branch closes, or if LINK receives a request directly from a community, LINK assesses a community’s access to cash needs.
LINK will recommend appropriate solutions where it considers that a community requires additional cash services. Some of the criteria that LINK considers are whether there is a bank branch remaining, population size, number of shops on the high street, distance to the nearest bank branch, public transport links, and vulnerability of the population.
Based on this independent assessment and recommendation, Cash Access UK will provide a suitable shared solution, such as a deposit service, or a banking hub, for that community.
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