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28 July 2016

More communities to lose their bank branches

Commenting on the announcement by Lloyds that it will double its planned branch closures and cut jobs, Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said:

“FSB members need access to their bank branches and services, and today's announcement by Lloyds to accelerate closures will restrict that access for small businesses. By the end of 2017, Lloyds will have closed a total of 400 branches in three years, double the number they had planned.

 “Our members tell us branch closures by high street banks are leading to greater financial exclusion for small firms. They are having to spend more money and time away from their business in order to deal with banking needs, especially those that physically handle cash.

“We would urge all high street banks to do their utmost to abide by the terms of the Access to Banking Protocol. They must also engage with affected communities to understand the impact and support smaller businesses towards accessing alternative banking services.”