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Dec 2023

Last Updated: 01/12/2023

Politics

Shadow chancellor Rachel Reeves visits Knaresborough banking hub

by Adam Laver Local Democracy Reporter

| 03 Dec, 2023

Rachel Reeves, chancellor of the exchequer.

Shadow Chancellor of the Exchequer Rachel Reeves visited Knaresborough banking hub on Friday.

Ms Reeves joined shadow Business Secretary Jonathan Reynolds and shadow Economic Secretary Tulip Siddiq at Kirkgate.

Reeves hailed the hub, which opened on November 17, as an example of what the Labour Party would like to see across the country if it wins the next general election, which is expected to take place in 2024.

Labour has committed to setting up at least 350 banking hubs following a 64 per cent drop in the number of banks in Yorkshire since 2015.

Ms Reeves said:

“There’s now 20 banking hubs around the country.

“Banking hubs are there to replace bank branches because Knaresborough was without a bank for three years.

“[There’s] not a single bank branch in this town and banking hubs are an alternative to banks.

“When there are no banks left in the town the idea is that the banks come together to open a hub that you can use whichever bank you’re with, but there’s only 20 of them and we know that there are many more high streets in towns and villages that don’t have banks at all.

“Labour is making a commitment today that in the first term of a Labour government, we would open at least 350 banking hubs so that more people have access to banking facilities and to cash, which is something that unfortunately today too many people don’t have access to.”

Ms Siddiq added:

“When a local community no longer has access to a bank branch, we know it is the poorest in society along with high street businesses who lose out the most from the loss of vital in-person services.”

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Knaresborough photographer Charlotte Gale came to get cash from the banking hub and speak to the three members of Sir Keir Starmer’s shadow cabinet about why she needs cash for her business.

Ms Gale said:

“I always run out of 5ps.

“That’s the way my stuff is priced – it’s 95p.

“There’s always a struggle to get a 5p.”

Alongside its plans to bring back banking to communities, Labour also pledged to give councils the power to tackle shuttered-up shops, tackle antisocial behaviour and shoplifting through dedicated police patrols, replace business rates with a fairer system and end late payments to support small businesses.

Mr Reynolds said:

“Under the Conservatives, our high streets have been allowed to fall into decline, with more and more high street anchors like banks closing.

“Labour will put an end to boarded-up premises and ghost high streets with our plan to bring banks back to the high street, fix business rates, tackle empty properties and get police back on the beat on your high street.”

In Yorkshire and the Humber 464 banks – or 64 per cent – have closed since 2015 and just 264 remain open.

This is the second biggest percentage of bank closures in the country, with 66 per cent of banks being closed in the south-west.

In the whole of England, there are 3,208 bank branches.

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Shadow chancellor Rachel Reeves visits Knaresborough banking hub

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