Shadow Chancellor Reeves is to set out plans to open 350 “banking hubs” within five years
The plan forms part of a policy aimed at reviving high streets from becoming “ghost towns and will allow customers from rival banks to access face-to-face services within five years.
As part of Labour plans, the party will update qualifying criteria for the creation of banking hubs, as well as look into how hubs can support financial inclusion through digital training and debt advice.
Banking hubs are located in communities across Britain and operated by the country’s Post Office, in partnership with nine high street banks.
Over 6,000 bank branches have reportedly closed since 2015
Rachel Reeves said she would give the Financial Conduct Authority (FCA) new powers to support LINK, Britain’s largest cash machine network, to proactively source new locations for 350 hubs over the next five years.
