Protecting community banking

… including shared hubs.

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Two years ago, we had a public meeting to look at the possibility of a mutual bank or banking hub coming to the high street:

South West Mutual bank comes to Sidmouth > ‘get involved’ and sign up for the bank’s newsletter – Vision Group for Sidmouth

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Two years on and the government and the banking industry are looking at some innovative ideas – including hubs:

Trials of shared banking hubs in two communities where all the branches have closed down are to be extended. The trials, in Cambuslang, South Lanarkshire, and Rochford, Essex, were due to finish in October, but have been extended to April 2023. The government is consulting on plans to protect community banking services...

Banks are in discussion over many of these projects, including shared hubs, as the government plans to legislate on access to community banking as bank branches close.

Trials of shared banking hubs to be extended – BBC News

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This is particularly a problem in rural areas or those with an elderly population:

A cashless society, small businesses and the elderly – Vision Group for Sidmouth

But, as mentioned above, the government is consulting on enabling access to cash:

The future of cash: share your experiences – Vision Group for Sidmouth

With more here on their plans:

Plan for law to protect neighbourhood cash access – BBC News

   
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