Banks: Closures

Treasury written question – answered on 11th March 2019.

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Photo of Jared O'Mara Jared O'Mara Independent, Sheffield, Hallam

To ask the Chancellor of the Exchequer, if he will make an assessment of the effect of recent bank branch closures on (a) rural and suburban communities and (b) the community of Sheffield Hallam constituency.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Treasury does not make assessments of the bank branch network. The decision to close a branch is a commercial issue for the management team of the bank. However, Government believes it is important the impact on communities must be understood, considered and mitigated where possible.

The Financial Conduct Authority undertook an analysis of branch closures as part of their Strategic Review of Retail Banking Business Models. This analysis can be found in Annex 1 of the final report (https://www.fca.org.uk/publication/multi-firm-reviews/strategic-review-retail-banking-business-models-final-report.pdf)

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