Wembley Matters published a letter LINK on January 12th setting out the impact of the closure of the Willesden Green branch of National Westminster Bank on the elderly, disabled and those without internet access.
It was good to hear thatWillesden Green councillors, Tom Miller, Janice Long and Saqlain Choudry had taken up the issue. with the banks
This is their letter in full:
We are writing to express our serious concern and disappointment over the announcement to close two bank branches – Lloyds and NatWest – in Willesden Green, both of which are due to close by the end of March this year. With uncertainty over the future of other branches looming, too, Willesden Green has now fallen victim to the surge of branch closures that is blighting local small businesses, the elderly, and other vulnerable groups.
This is very disappointing news, especially given how NatWest has been rooted in the community; and there is real risk that cash provision and access to basic services will be severely affected. We have been contacted by several residents who have expressed their apprehension over this decision.
High street bank closures have become an epidemic in the last few years, with over half of bank branches in the UK shutting their doors in the eight years since the Conservatives came to government in 2015. There are now just 3,200 remaining in England – and Willesden Green and Brent are no exception to these dwindling numbers. The banks are a vital point for the community. These closures are yet another nail in the coffin for the UK’s high street banking infrastructure and will see some towns lose more than one bank within a matter of days or weeks – suggesting little thought has been given to the impact on the communities they serve.
Many people, particularly older people and those with disabilities, need access to physical banking services which go much further than access to cash. It’s often about having a real person to talk to, especially for those individuals with serious financial concerns and who are unable to make the transition to an entirely digitised banking system. Trust is greatly enhanced by personal contact, and greatly reduced when there is none. Some services do require in-person verification, and safety concerns over potential financial abuse are often better spotted when customers are able to use these essential face-to-face services. Many local businesses also bank with NatWest, so the feeling of regularity and social interaction will be omitted in other branches. Do you plan to hold sessions for residents explaining the impact of the closure and advising customers further, especially on the more complex, in-person banking operations? Are both NatWest and Lloyds willing to meet with senior management, cabinet lead and local councillors at Brent Council to discuss the implications on residents?
We, of course, understand that regular reviews are a necessary part of business operation, particularly as we move to a more digital world. But we are very disappointed in the lack of consultation with local councillors and residents on this closure. There has been a distinct lack of visibility and inclusion on surveys and feedback from both NatWest and Lloyds, and we have not seen any detailed data regarding the decision to close. Are NatWest and Lloyds willing to share with us any additional data or metrics they have collected that led to the decision to close? Were the views of local councillors or the local authority taken into account at all in this decision?
Communication has been minimal, reasoning obscure, and not enough consideration given to alternative provisions. Residents have told us that they have been advised to use branches elsewhere – such as in Kilburn High Road, Golders Green, and Swiss Cottage – but longer travel times will make journeys more difficult or impossible for some. We are also concerned about a wave of potential job losses with these continued closures, and would welcome some reassurance on the future of your current team members in the Willesden Green branches.
It is clear that, if these closures are unequivocally going ahead in Willesden Green as they are elsewhere in the UK, an alternative course is needed. The Social Market Foundation found that 7 million people, most of them older and poorer, do all their banking in their local high street branch. But it’s not just these groups: research from LINK has found that around a quarter of Britons still use cash at least once a week, and about 10% of the country use it daily. The latest figures from the British Retail Consortium also show that shopping with cash has risen for the first time in a decade, as household budgets are increasingly stretched and the cost-of-living crisis continues to bite. At the same time, over half of bank branches have closed, and the Conservatives’ rollout of banking hubs has been much delayed.
The rollout has been painfully slow, leaving many communities to become banking deserts. This has become a particular problem in town centres and on high streets such as ours in Willesden Green. The current plans are totally inadequate for creating a much-needed national network of accessible services, and so we are pleased that the Labour Party have recently committed to accelerating the rollout of banking hubs where people can deposit and take out cash, as well as access wider banking services, as part of our Plan for Small Business. The hubs are designed to be shared by major banks, so customers from almost every bank will be able to use them.
The weakness of the current banking hub system is its voluntary character. It arguably shows the weakness of the present regulation when banks are closing thousands of their branches all around the country, withdrawing services to their customers, and then promising banking hubs that they are under no obligation to introduce. The current protocol between lenders and the Government is toothless, and so we support the Shadow Chancellor’s calls for stronger additional powers for the FCA. When a local community demonstrates need and meets the relevant criteria, a banking hub ought to be guaranteed. Considering the shift Willesden Green is about to undergo, we believe that this will be the best course to steer for us as a community.
We therefore will be submitting a formal request to LINK to undertake a review of Willesden Green in light of these branch closures, asking that they assess the viability of opening a banking hub to guarantee that local residents and independent businesses still have access to these essential services. As Labour councillors, we will continue to fight for our communities and ensure that no one is left behind.
