Banking Services: Rural Northumberland

In the House of Commons adjournment debate on banking services in rural Northumberland, the first speaker, Joe Morris, the Labour MP for Hexham, highlighted the significant loss of bank branches in his constituency and the wider Northumberland region. He emphasized that the closures have not just been an inconvenience, but have had a damaging impact on the quality of life and economic growth of rural communities. Morris stressed the importance of the services provided by bank branches, such as support with large payments, mortgages, and life events like bereavements. He argued that the loss of these face-to-face services has been particularly hard on young people trying to start businesses and older residents struggling to access cash. Morris called for the introduction of banking hubs in areas like Haltwhistle to mitigate the consequences of branch closures. Responding for the government, the Economic Secretary to the Treasury, Tulip Siddiq, acknowledged the significant impact of bank branch closures, particularly in rural communities. She reassured the House that the government understands the importance of face-to-face banking and is committed to enhancing access to banking services, including through the rollout of at least 350 banking hubs across the country. Siddiq outlined the government's plans to work closely with the banking industry to ensure that the needs of local communities are adequately served by the hubs. She also highlighted upcoming FCA rules that will require banks to assess the impact of closures and put in place new services to meet community needs before closing existing branches. Several other MPs intervened during the debate, raising specific concerns about the impact of bank closures in their own constituencies. They urged the minister to review the criteria for establishing banking hubs and to work with the Post Office network to strengthen access to essential banking services, particularly in rural areas.