The country’s economy may not yet be in growth mode, as confirmed by the latest GDP figures, but Chancellor of the Exchequer Rachel Reeves was in good spirits on Friday as she opened the country’s 100th banking centre.
The Chancellor was in Darwen, Lancashire, a town bordering the rugged West Pennine Moors, which flourished in the 19th century thanks to the thriving cotton industry, but which has since faced difficult times despite its continuing reputation for its industries. of paint and paper.
Like many cities up and down the country, Darwen has lost all its banks: Barclays, Lloyds, NatWest and Santander have all fled the nest in the last eight years.
But ‘Dareners’ (the town’s locals) see the new centre, which offers banking services to customers (personal and business) of all the major banks, as a big boost for the community.
“Damn wonderful,” said an emphatic and cheerful Tracy Fisher, who works nearby at the Number 1 coffee shop.
As he served me a delicious bacon sarnie and a double espresso, Tracy, 52, said: ‘This town is so reliant on cash. It is full of small shops and has an indoor market where many businesses only accept cash. So the center, where people can deposit cash and do basic banking, is a welcome Christmas gift. It’s time we had some good news around here.
Engagement: Jeff Prestridge to Chancellor Rachel Reeves in Darwen
It is an opinion shared by the Chancellor, while spending five minutes with her in the small back room of the centre. ‘Big supporter of centers?’ I asked, declining the kind offer of a croissant. The smiling Reeves’ response was instantaneous.
“Great support,” he said. ‘I’m really delighted to (officially) open the 100th banking center today. Five centers have opened this week and we wanted to open them before Christmas.’
He continued: ‘This is the most important time for the high street and for people who can’t access cash and for businesses who can’t get paid. In recent years the only news about our high streets has been the bad news: their emptying, the disappearance of high street names, the departure of banks, problems with crime and anti-social behaviour.
‘So it’s really good to announce and do something positive. Not just talking about it, but implementing it.”
The center of Darwen is truly stunning. Located in a store that had been empty for more than a year, it is bright, modern and welcoming. It is open Monday to Friday, managed by the Post Office, with representatives from Barclays, Halifax, Lloyds, NatWest and Santander available on separate days to help their own customers with any banking problems they may have. Like all centers, it exists because the city does not have banks.
Asif Patel, the head of the centre, also runs the local post office. Although it is early, many people have come.
“It’s great for some of the older customers in town,” he told me. ‘If they have a problem, they can come here and see a representative from their bank and solve it. Saves them a bus trip to Blackburn.
In its election manifesto, the Labor Party said it was committed to having 350 banking centers up and running by 2029. It’s a promise the Chancellor has no intention of breaking.
Pointing in the direction of nearby Tulip Siddiq, Finance Secretary to the Treasury, the Government’s driving force on centres, he said: ‘Tulip is getting a lot of MPs approaching her with questions about the centres. Whether in the House of Commons or in their consulting rooms, everyone says: ‘What can I do to get a banking centre?’ Deputies of all parties.’
Impressed: Jeff with Tracy Fisher from Cafe #1
With 80 more centers in the pipeline, Reeves said she was “determined to deliver on the 350 center commitment.” “I really want to be at the openings of banks number 200 and 350 to cut those ribbons,” he added.
Tulip is satisfied with the progress of the hubs and is confident that by this time next year there could be 230 in operation. She told me: ‘In opposition we did this document called Financing for Growth and everyone we spoke to talked about face-to-face banking centres. The importance of having banking services that you can physically go to.
‘I know there is a perception that everyone banks online, but in reality there are many people, especially vulnerable people (older people and people from lower socio-economic backgrounds) who find it difficult. “Banking centers are a solution for these people.”
Although the official opening of the 100th banking center was dominated by the presence of the Chancellor, it was also nice to see representatives of those organizations that have created centers
happen: Cash Access UK (the organization set up to find suitable sites and funded by banks), UK Finance (the banking trade group that launched the first centres) and the Link ATM network (which determines which cities should receive a center).
It was also good to see Natalie Ceeney there. She was instrumental in getting the downtown snowball rolling with her 2019 Cash Access Review. She even found time to pat me on the back. “Without your support of the centers,” he said, “we would not be where we are today, celebrating our 100th center.”
Kind words. The last words go to John Howells, CEO of Link. He believes 350 centers is too low a bar. As banks continue to close their branches, leaving cities without banks, he maintains that 1,000 is a more realistic goal.
Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.