Banking Hubs: Business and Economic Growth
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of banking hubs on (a) businesses and (b) economic growth in (i) towns and (ii) villages.
Answered by Emma Reynolds
The Government continues to work 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 220 hubs have been announced so far, and over 150 are already open. The location of these banking hubs is determined independently by LINK. The criteria that LINK consider includes population size, whether other banks remain nearby, the number of SMEs on the high street and public transport links, as well as the level of vulnerability in the community.
Access to financial services is key to ensuring all citizens can both contribute to and benefit from growth in the UK. Cash Access UK, who oversee the rollout of banking hubs, reported from their research in Brixham (Devon) and Rochford (Essex), in October 2024 that spend on the high street is 71% higher amongst those who have visited the banking hub. Almost half (47%) of businesses surveyed said they have experienced an increase in footfall thanks to the banking hub.
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