Gwynne condemns local bank closures as Labour announce high street preservation plan

banksAndrew Gwynne MP has today slated local bank closures, with 5 closing in Denton & Reddish alone since the Conservative Government came to power.

Gwynne has seen the closure of HSBC (Denton), NatWest (Dukinfield), NatWest (Reddish) and Barclays (Reddish) in his constituency. With the announcement that NatWest (Denton) will be closing and reduced opening hours at RBS (Denton).

Under the next Labour government, high street bank branch closures that damage local communities will be banned under tight new regulations announced today. With over 1,000 branches closing in the last two years, and many more expected this year, too many high streets are being blighted by short-sighted decisions to close an essential local service.

Instead, under the next Labour government, the high streets in Denton & Reddish will be protected by giving the bank regulator new powers to bar any closures. Small businesses and vulnerable customers without internet access will be the first to benefit

Shadow Chancellor John McDonnell today said:

“High street bank closures have become an epidemic in the last few years, blighting our town centres, and hurting particularly elderly and more vulnerable customers whilst making healthy profits. It’s time our banks recognise instead that they are a utility providing an essential public service.

“Only Labour will put in place the legal obligations needed to bring banks into line and stand up for our high streets, communities and small businesses.”

Andrew Gwynne said:

“Too many high streets have become blighted by short-sighted bank branch closures. Small businesses can’t get the loans they need and vulnerable and elderly constituents lose out when banks put their profits ahead of customer need.

“Our high streets are taking a major hit under this Tory Government. In Denton & Reddish alone 5 bank branches have closed or announced plans to close. I’m calling for urgent action to be taken to preserve this essential local service”

“The next Labour government will tighten up the law to make sure banks in Denton & Reddish will continue to provide an essential local public service. Only Labour has the policies we need to put workers and small businesses in Denton & Reddish first.”

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