Labour government would accelerate banking hubs roll out 

Announced by shadow chancellor Rachel Reeves, the move would see the expansion of the national network of banking hubs – enabling people to deposit and withdraw money as well as get help with banking services. It would also give new powers to the FCA to guarantee access to cash for people across the UK to stop people being left in “banking deserts”, ensuring local access to face-to-face services.

Under the proposals, Labour would oversee the creation of at least 350 extra banking hubs on local high streets, with areas that do not have high street banks priortised for new infrastructure.  

It comes amid the continuing closure of bank branches across the country – with analysis from the Financial Times suggesting almost three-fifths have shut since 2015.  

To help support areas underserved by brick-and-mortar banks, banking hubs have been set up across the country – run jointly by lenders and the Post Office – with 24 currently in operation. These hubs allow customers from more than a dozen banks and building societies to pay their bills, seek banking advice and deposit cash and cheques.

Meanwhile, in August ministers announced plans to enshrine in law people’s right to have facilities within a reasonable distance of their homes and businesses.