Lack of banks in region’s towns could ‘divert business elsewhere’, MP says
The former Lloyds bank in Bungay, which closed in May 2018. Picture: Nick Butcher - Credit: James Carr
Vulnerable people could be compromised and towns unable to compete if the lack of banking facilities in rural areas is not rectified, according to an MP.
Waveney MP Peter Aldous said he was worried the affect a lack of banks could have on small market towns such as Bungay, where there are no longer any 24/7 cashpoints.
Bungay's last bank, Lloyds, closed in May last year following widespread cutbacks that also affected Halesworth - now down to zero banks - and Southwold.
More than 12 months later, the town's post office remains the one place where cash can be withdrawn - but only during the working day.
Speaking during a parliamentary debate held at Westminster Hall, Mr Aldous argued the availability of cashpoints had become a "postcode lottery" along the Suffolk-Norfolk border.
"In Bungay, there are no 24/7 cashpoints," said Mr Aldous. "When the extremely popular Sunday street fairs take place, there is a major drawback for traders without card machines.
"Likewise, nine miles away in Halesworth, in the constituency of Therese Coffey, there are no such facilities.
You may also want to watch:
"However, if I go eight miles west to Harleston in the constituency of Richard Bacon, there are three cashpoints within 100 metres of each other."
Having spoken in parliament on numerous occasions about the plight of British high streets, Mr Aldous highlighted the importance of adapting to change.
"That revolution is happening where high streets face the challenge of reinventing themselves," he said. "To be done successfully, it is important that business shouldn't unwittingly be diverted elsewhere.
Most Read
- 1 'Beccles Mafia' reported to police for harassing elderly shoppers
- 2 Name unveiled for new Bungay SEND school
- 3 Bid for 40 new homes meets fresh opposition
- 4 Suffolk braced for up to 10cm of snow as warnings upgraded
- 5 Car park's £500 price hike was 'callous', town council says
- 6 Nine still under investigation after man knifed in village brawl
- 7 Takeaway deli set to open in coastal town
- 8 Voyeur watched people after setting up secret cameras in bathroom
- 9 Groundworks start at site of new McDonald’s restaurant
- 10 Tributes to man, 31, who died on Christmas Day
"To try to stop the change would be futile, but we can manage it properly so the vulnerable aren't compromised and towns such as Bungay can compete with their neighbours.
"Bungay and towns like it serve a large rural hinterland from where many residents - once a week - come in to shop, go to the bank and socialise over a coffee or meal. Take away the bank and they might go to another market town.
Mr Aldous, 57, also raised concerns over the "much quicker than anticipated" transition to an "almost cashless society".
He added: "The breakneck pace of change causes difficulties for the elderly, disabled and particularly those on low incomes for whom cash provides the best means of managing a tight budget."