I’ve asked the government to consider locating a Banking Hub in a part of the constituency that has been affected by bank branch closures.
Banking Hubs allow staff from several banks to share the same space, helping to fill gaps in high streets and communities from branch closures. They have a counter service operated by the Post Office, allowing customers to conduct routine banking transactions.
I’ve written to Tulip Siddiq, Economic Secretary to the Treasury, to highlight the benefits that a Banking Hub would bring to constituents in Bitterne. My letter comes after Lloyds Bank and Halifax recently announced that they will be closing their branches in Bitterne. These announcements come after Nationwide closed its doors in August 2022 and NatWest in April 2023.
These closures represent a significant loss to the local community, particularly for residents who rely on in-person banking services for their financial needs. With limited alternative options, many—including elderly residents, small businesses, and those without access to online banking—are likely to face considerable inconvenience and barriers to accessing essential financial services.
The Labour government has pledged to open at least 350 Banking Hubs over the next five years and I have asked that Bitterne be considered as a priority location.
In my letter to the Treasury minister, I’ve argued:
Given these closures, I believe Bitterne would be an ideal candidate for a Banking Hub, designed to provide communities with shared banking services. A Banking Hub would allow residents to continue accessing necessary financial services close to home and mitigate the impact of these closures, while reducing overhead costs to banking providers. Our community has a strong need for such a facility, and establishing a Banking Hub in Bitterne would support both individuals and local businesses.
I also write:
I am pleased that this Labour Government has pledged to open at least 350 Banking Hubs over the next five years and ask that Bitterne be considered as a priority location. I would appreciate any guidance on how our community might be able to make this case effectively. I would also welcome the opportunity to discuss this further with you.
Thank you very much for your attention to this matter. I look forward to working together to secure a solution that supports Bitterne’s continued access to essential banking services.