Bank Branch Closures

Part of the debate – in the House of Commons at 2:42 pm on 30th June 2016.

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Photo of Gareth Thomas Gareth Thomas Party Chair, Co-operative Party 2:42 pm, 30th June 2016

Can I tempt my right hon. Friend to agree that perhaps part of the solution would be more action by regulators and the Government to encourage different kinds of banks to emerge—banks that are profit-making, but not necessarily profit-maximising? Many banks, including those he has listed, will always face pressure from shareholders, in their management’s view, to reduce costs. Bank branch closures are always likely to be among the options available, so perhaps a different kind of bank is necessary.