Dagenham and Rainham has lost 75% of its bank branch network since 2015, with 6 banks closing their doors in the last 9 years.
The Labour Party has warned that the Government’s failure to roll-out banking hubs, means that people and businesses in Dagenham and Rainham could soon be left with no options to bank locally.
Labour has also found that since 2022 alone, an additional 385 towns across the country have seen their last bank branch close, or announce that they will be closing imminently.
This follows Labour’s pledge at the end of last year to empower the FCA to accelerate the roll out of banking hubs and stop people being left in ‘banking deserts’ by guaranteeing communities access to face-to-face banking services.
Margaret Mullane, Labour’s Parliamentary Candidate for Dagenham and Rainham, said: “This is just another example of how after 14 years, this Tory government has failed to protect the local services people depend on, leaving Dagenham and Rainham on the verge of becoming a banking desert.
“I know how many people in Dagenham and Rainham depend on having a local bank, whether that’s to support their small business or manage their personal finances. Labour’s plan to roll out banking hubs will guarantee communities have face-to-face banking services, helping to restore pride in our high streets.”
The Tories have delivered just 40 operational banking hubs, while Labour’s plan could see at least 350 banking hubs quickly established on local high streets. As part of Labour’s pledge, areas that currently don’t have high street banks will be first in the queue.
Tulip Siddiq MP, Labour’s Shadow City Minister, said: “Almost 6,000 bank branches have closed their doors since 2015, but under the Conservatives just 40 banking hubs are operational, despite many towns being promised new banking services months ago.
“Labour’s plan will bring banking services back to communities who have seen them disappear over recent years, meaning more people and small businesses across the country will be able to access the services they need closer to home.
“Labour will tackle ghost high streets and ensure that every community has access to high street banking services.”
Comments