Stuart Anderson

It is a pleasure to serve under your chairmanship, Sir Desmond. I thank my hon. Friend the Member for South West Hertfordshire (Mr Mohindra) for securing the debate. Banking hubs are really important in his constituency, as they are in rural constituencies across the country, including mine. My constituency is 700 square miles of the most beautiful towns and villages, which are a delight. With that beauty and tranquillity come remoteness and lack of connectivity for many people, who can feel isolated. We have seen the decline of the high street bank over years. Some services that we took for granted are no longer available, though they are still of huge importance to local communities. We recently lost Lloyds banks in Bridgnorth and Ludlow, which is seen as a major loss to both towns. I was quick to launch a survey to find out what residents thought. They were overwhelmingly upset, because they still require face-to-face services and access to cash. We were fortunate that Dudley Building Society came to Bridgnorth recently, opening a branch just opposite my office, but it does not offer the full service of traditional banks, and setting up banking hubs, which is hard to do, is not viable at the moment. I wrote to many organisations to see what support we could get on our high street. Link came back to me and said it had conducted an assessment—as many Members have said—but it did not recommend any additional services in any of my rural towns. It believed that there was adequate access to cash and banking services for local residents in all those areas. I disagree with that. Bridgnorth is served by Nationwide and HSBC, while Ludlow has NatWest and Nationwide. However, if people are not with those banks, they are stuck. They might have been with Lloyds for years, only to find that they have to travel to Wolverhampton—or, if they are in Ludlow, to Hereford, which is probably 40 minutes away. That is not suitable for everyone. This is a reactive approach, just watching the decline of our high street. We should change the regulation so that we can be proactive and allow Link to put services into the high street. I do not want to wait for every bank to close before we can get a banking hub. That is not the right approach.