Does a market town like Totnes need a bank? I think it does, and so do thousands of you. Which is why I’m furious that our appeal against a decision not to grant Totnes a banking hub has been lost.

Last September, Lloyds announced plans to close its Totnes branch – the last bank in town. Shortly afterwards, I submitted a request to LINK, who carry out assessments when an area sees a change to cash access. If a gap is identified, LINK can recommend the opening of a banking hub.

For me it didn’t feel like a difficult decision. It was obvious that once Lloyds closed its doors, Totnes’s remaining banking services would be insufficient for a market town which serves a large rural area. But to my surprise, LINK said no to a banking hub.

I appealed and, to my huge disappointment, they have upheld their original decision – despite much work behind the scenes. While LINK reconsidered, I launched a petition, which attracted over 1,300 signatures, and appealed to the Government to intervene.

I asked the Prime Minister to join my campaign at PMQs last October. Earlier, in response to another similar question, the PM had said banking hubs can be rolled out wherever a community needs one. He reiterated this point to me and promised a meeting with the relevant minister at the Treasury.

That meeting came in December, with the Economic Secretary to the Treasury. We agreed a thriving market town like Totnes must have banking services and that the current criteria for granting a banking hub are far too narrow.

This point has come up repeatedly during my campaign. In September 2024, the FCA tightened rules for banking hubs, focusing solely on cash access (previous hubs in Dartmouth and Brixham were approved under broader guidance).

But this is ludicrous - the new rules completely discount all the other reasons, like poor public transport or an older-than-average population, which qualify Totnes for a banking hub. I’d also argue that decisions shouldn’t be dependent on cash machines located in a shop that isn’t open 24/7.

Even the Government admits the rules are too narrow, and there’s a bit of a disconnect between the Prime Minister, who said any community that needs a banking hub can get one, and LINK’s decision for Totnes.

With Lloyds Bank making £4.5 billion profit in 2024 there is clearly something wrong with the system. It’s up to the Government to force a rebalance in favour of high streets and communities, and not the big banks who cut services relentlessly with no regard to the impact on people’s lives and businesses.

I will urge the Government to expand the rules for granting a banking hub. It’s obvious this must be done, not just for Totnes but for all the other – predominantly rural – areas, that are seeing banks disappear and with them access to services.

Thank you for all your support with this campaign. I know the recent news will come as a disappointment, but it is not the end, and I will not stop campaigning.

If you wish to contact me about this or another issue you are facing, please do so at: [email protected]

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