'Our town has become a banking desert'

Retailers in a Surrey town that has lost its last bank branch have said it is "vital" that the area gets better provisions.

Oxted once had four banks, but since the last one closed in April, the nearest branch is now 10 miles away in Redhill.

Leading the campaign for a banking hub in Oxted is councillor Cameron McIntosh, from Surrey County Council, who said both businesses and residents are suffering.

Link UK, which assesses the need for banking hubs in communities, said it believes people in the area have good access to cash through the Post Office and ATM machines.

But Mr McIntosh said: "Oxted was once a town with four of the main large banks, but that has all completely gone, so we are basically a banking desert."

Oxted has a population of 11,489, according to the 2021 census, and people from the surrounding areas visit for its hospitality and retail businesses, according to Limpsfield Parish Council.

Tom Parrs, owner of Paul James Jewellers, said: "I'm with Barclays so in the fortunate position that I'm able to use the local Post Office to deposit cash, but there are situations that need me to go to an actual branch.

"I think it's a great idea, having spoken to a lot of my clients and having access to other matters that a banking hub brings would be vital for them really.

"The last thing we want for the local community is for them to leave the town [to bank], that's not great for retailers, cafes, restaurants."

There is a "banking pod" in the town's Morrisons supermarket, which offers cash withdrawals, cash deposits, account balance checks and PIN management services.

But 60% of companies surveyed by the town's business improvement district said they were unable to access sufficient cash needed for their business.

Of the 93.3% of businesses who said they did not have a service to collect their takings and deposit it for them, half said they were unable to safely deposit their earnings nearby.

Link UK said it assessed the need for a banking hub in Oxted but found the banking pod deposit machine was more more suitable.

A spokesperson said: "We are satisfied that, with the addition of this machine, the community continues have good access to cash through the Post Office and the ATM network."

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