More than 6,000 UK bank branches have closed since 2015, with 162 more scheduled to shut in 2024, according to consumer group Which?. The tally will pass 6,005 on Friday as eight Barclays branches close their doors. Which? has described the closures as 'disastrous' for local communities and is calling for the issue to become an election battleground.
Barclays has closed the most branches, accounting for about 20% (1,216) of the total. The rate of closures peaked in 2017 but slowed before a recent surge, which Which? attributes to banks racing to shut branches ahead of potential government legislation to protect access to cash. Banks argue that customers are increasingly using online and mobile banking, making traditional branches less viable.
By the end of 2024, 33 parliamentary constituencies, including two in London (Erith and Thamesmead, and Dagenham and Rainham), will have no bank branch. The number of lost branches represents 60% of the national network that existed nine years ago. Scheduled closures for the rest of 2024 include 50 from NatWest, 43 from Lloyds, 28 from TSB, 26 from Halifax, 20 from Royal Bank of Scotland, and 14 from Barclays.
Which? is urging the next government to commit to delivering at least 200 banking hubs within two years of the election. Banking hubs, operated by Post Office staff, offer counter services for most banks, allowing customers to withdraw and deposit cash, pay bills, and conduct regular transactions. The UK's 50th banking hub opened last Friday, and Cash Access UK aims to reach 100 by the end of the year.
Sam Richardson, deputy editor of Which? Money, noted that while some people may not notice branch closures, for others reliant on face-to-face services, the impact can be disastrous. Barclays responded by stating it is adapting to falling branch visits through its Barclays Local network, which operates in over 350 locations including libraries, town halls, and mobile vans.
