North Norfolk MP calls for law changes to speed up banking hubs

The introduction of banking hubs in towns that have lost their banks needs speeding up, a Conservative MP says.

North Norfolk MP Duncan Baker wants laws for banking hubs to change so they can open in more areas, more quickly.

At present a hub cannot open until all bank branches in a town have closed.

Shared hubs see different banks taking turns to run a daily service across the week, which includes cash deposits and withdrawals and face-to-face inquiry services.

Banks have been forced to close branches in some areas over recent years due to a fall in customer demand.

A branch of HSBC shut on Tuesday in Norwich's Mile Cross, whilst the last remaining bank in Hoveton - a branch of Barclays - will close in December.

Barclays is also planning to close its Whitefriars, Norwich bank - and Virgin Money is also leaving the city high street as part of its plan to shut a third of its UK branches.

Mr Baker, who described the hub banking situation as "complicated", said "legislation around it doesn't fit the purpose".

"The rules at the moment are that the last bank in town has to shut, to be eligible to go forward to start as a banking hub.

"This one-size-fits-all, got-to-wait until the last bank shuts just doesn't work."

His constituency town of Holt, which has a population of 3,500, lost its last bank in June 2022.

He said as well as locals, those living in its satellite villages, as well as the thousands of tourists that visit the Broads town, all required a bank.

Steffan Aquarone, who will be standing for the Liberal Democrats in North Norfolk at the next general election, said he had seen how the hubs system worked in London.

Mr Aquarone said he spent 90 minutes observing the new banking hub in Acton, west London, and noted a steady stream of people coming in to use the facility.

He said banking hubs would help people reliant on public transport.

"It's the public transport aspect that I'm most concerned about, particularly for our older or more vulnerable residents," he said.

"Holt lost its last bank last December, locals and 10,000 surrounding villagers no longer have access (to a bank), with a bus just going to Holt or realistically Norwich.

Banking hubs are planned for Watton, Downham Market, and Harleston.

So far, only seven have opened, including Rochford in Essex.

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