After a year of campaigning on bank branch closures, on 30 June Move Your Money launched a report that reveals for the first time the devastating impact of branch closures to local economies and communities throughout the UK. The launch coincided with a parliamentary debate on branch closures, with the crisis in banking provision sweeping throughout the nation but particularly affecting Wales, Scotland, and rural England localities.
The number of British bank and building society branches has been declining since the demutualisation wave of the late 1980s, but the pace of branch closures has accelerated rapidly in the last few years. In total, Britain has lost 53% of its bank branches since 1989, leaving 1,500 communities with no bank, and another 840 with only one bank remaining. More than 600 branch closures have occurred in the last year alone, and the Swiss bank UBS has predicted that the UK is set to lose another 50% of its total branch network in the next ten years.
See moveyourmoney’s blog for a summary of their findings.