Preseli Pembrokeshire MP, and Chair of the Welsh Affairs Select Committee Stephen Crabb is leading an inquiry in Parliament that will investigate the closure of high street banks in Wales, as well as access to cash.
In November 2023, Pembrokeshire saw the closure of Lloyds Bank in St Davids, and in the coming months both Barclays Bank and Halifax in Haverfordwest are set to close. In recent years, Wales has experienced a rapid decline in the number of high street banking services available to the public. Already in 2024, 23 high street bank closures have been announced in Wales, while automated teller machines (ATMs) declined by nearly a quarter between 2018 and 2023.
The Committee will consider how declining high street banking services are impacting vulnerable people and small businesses across Wales, who are often more reliant on cash than digital banking. It will also examine how Wales is being affected by the loss of high street bank services, and whether the problem is worse in Wales than other parts of the UK.
Mr Crabb is a staunch advocate for retaining community banking facilities, especially in rural communities like Pembrokeshire where many local branches remain the only source of face-to-face banking provision for miles.
Recently Mr Crabb challenged Barclays Bank senior management on their decision to close the bank branch in Haverfordwest– a move that will see Barclays not only pull out of the county town, but means they won’t have a branch left anywhere in Pembrokeshire. He has also engaged with LINK – the UK’s largest cash machine network - and continues to campaign on the basis that a Banking Hub is established and that ATM machines should be retained or installed, especially in areas worst affected by the closures.
Following the launch of the inquiry, MP Crabb added:
“It is really sad to see so many banks across Wales closing as online banking grows in popularity. Despite the advantages of online banking, for a rural community with an ageing population like Pembrokeshire, bank branches hold huge importance as they offer face-to-face customer service.”
“I am acutely aware of the inconvenience that the bank closures locally have already caused following hundreds of replies from constituents to my ‘online banking survey’ ”
“I am looking forward to gathering further evidence on this subject through the committee’s inquiry, and will continue to put pressure on the relevant stakeholders to ensure that adequate alternative provisions are made through the establishment of banking hubs as well as the instalment of ATM machines where necessary.”
“In this inquiry, we are particularly keen to hear from those likely to be directly affected by the shift away from cash and physical banks. I encourage anyone with first-hand experience of losing banking services to give evidence to the Committee”