“High street bank closures have become an epidemic in the last few years, blighting our town centres, hurting particularly elderly and more vulnerable customers, and local small businesses whilst making healthy profits for themselves,” McDonnell said. “It’s time our banks recognise instead that they are a utility providing an essential public service.”
Labour plans to halt 'epidemic' of high street bank closures
Labour has pledged to tackle what it calls an epidemic of high street bank closures by only permitting branches to be shut after a local consultation and with the permission of the Financial Conduct Authority (FCA). Under a policy to be outlined by the shadow chancellor, John McDonnell, the party would replace the current guidance system over closures, called the access to banking protocol, which was agreed between high street banks, consumer groups and the government.
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