More than 6,000 UK bank branches have closed since 2015, according to consumer group Which?, which warns that the pace of closures could leave 33 parliamentary constituencies without a single branch by the end of the year. The tally is expected to reach 6,005 on Friday with the closure of eight Barclays branches.
Barclays has shut the most branches, accounting for about 1,216 closures, or 20% of the total. The rate of closures peaked in 2017 but has seen a recent surge, Which? says, accusing banks of a “race to close branches” ahead of potential government laws to protect access to cash.
Already 200 closures are scheduled for the remainder of 2024, including 50 from NatWest, 43 from Lloyds, 28 from TSB, 26 from Halifax, 20 from Royal Bank of Scotland and 14 from Barclays. The total lost branches represent 60% of the national network from nine years ago.
In London, the constituencies of Erith and Thamesmead, and Dagenham and Rainham are expected to become banking blackspots, along with Sedgefield, the former seat of Tony Blair. Which? says the next government should commit to delivering at least 200 banking hubs in the first two years after the general election.
Banking hubs, operated by Post Office staff, allow customers of most banks to deposit and withdraw cash, make bill payments and conduct regular transactions. The 50th hub opened last week, and Cash Access UK aims to reach 100 by year-end. Banks defend closures by citing a shift to online and mobile banking, but Which? warns of “disastrous” impacts on those reliant on face-to-face services.
