Call for plans to prevent bank closures is backed

Cllr Stephen Morgan has backed plans to tackle bank closures. The news follows the Co-operative Bank, in Commercial Road Portsmouth, announcing it will close on June 27, meaning the nearest branch will be in Chichester.

Cllr Morgan said: ‘Over two-thirds of small businesses report that a local bank branch is important and lending to small businesses has been found to drop by 63 per cent in areas with a recent bank branch closure.

‘For deprived communities and households, loss of a local branch significantly diminishes their abilities to access basic financial services.

‘We’ve seen too many branches close in our city over the years. Now we learn of the Co-op going in June. I am hugely concerned.

‘I back plans to put in place the legal obligations to bring banks into line and stand up for our high streets, communities and small businesses.’

A plan has been announced by Labour to make changes to the banking law that will prevent banks closing high-street branches.

It says it would give the ‘Access to Banking Protocol’ more teeth.