Labour pledges to roll out banking hubs after branches lost in towns including Blackpool, Fleetwood and Cleveleys

The party says it will roll out banking hubs across the country if it gets into power – replacing banks which have disappeared from the high street including in Blackpool and across the Fylde coast.

Jonathan Reynolds, Shadow Secretary of State for Business, said the loss of so many local branches was damaging to communities.

He told The Gazette: “In some places there is nowhere where people have access to face-to-face banking services.”

The party’s findings show only three banks remain in the Blackpool North and Cleveleys constituency, meaning more than three quarters have closed since 2015.

Mr Reynolds said the impact was being felt particularly badly by small businesses which needed to pay money in, and by elderly people who preferred personal contact.

He said: “What these hubs will guarantee is access to basic banking services.

“There is real evidence to suggest this is not only important to what people need, but that it benefits the wider health of the high street.”

The scheme would work by bringing together different high street banks at hubs which would be much cheaper to operate than traditional branches, with the costs shared between the banks offering services there.

Labour would make it part of the operating licence of the banks, with priority given to communities which had no local high street branches left.

Lorraine Beavers, Labour’s MP candidate for Blackpool North and Cleveleys said: “I welcome today’s announcement which clearly sets out a plan for banking hubs, ensuring local people and businesses across Blackpool North and Fleetwood have access to the services they deserve.

“The loss of many high street banks across our towns has been a huge blow on our communities.”

Between 2015 and 2022, eight banks have shut in Blackpool, with the most recent being the loss of the Natwest branch on Lytham Road, leaving just the Corporation Street branch.

Labour’s hubs would help people deposit and take out cash as well as get financial advice and help with banking services.