Bradley Thomas

I congratulate the hon. Member for Blyth and Ashington (Ian Lavery) on securing this important debate. In a world dominated by contactless payments and banking apps, it is very easy for some people to live cash-free and seldom visit a bank, but we must not overlook the 3 million to 5 million people who still rely on cash on a daily basis. These consumers are far more likely to be digitally excluded and financially vulnerable. I recently conducted a cash access survey in my constituency. Some 55% of respondents said that they use cash on a daily basis, and 91% believe the Government should safeguard the acceptance of cash as a valid form of payment. It is vital that access to cash and banking services is protected. It is important for those who use cash, but we must consider the resilience of the wider banking and financial system too. We have recently witnessed a major power outage at Heathrow, as well as large-scale power cuts in Iberia. We are increasingly aware of threats posed by hostile states that want to conduct cyber-attacks to disrupt our national infrastructure, so cash and local banking services must remain accessible to allow society to function in the event of any major disruption. This is a matter of national security. In Bromsgrove and the villages, we are experiencing the effects of changes in the way that people bank. With the closure of Lloyds and Halifax, Bromsgrove high street will have lost four banks in just three years. Such banks are a lifeline for so many small businesses—particularly those run by independent entrepreneurs—as well as for local residents, who rely on banking services every single day. If we are not careful, Bromsgrove risks becoming a banking desert with an increasingly empty high street. I know that Bromsgrove is not eligible for a formal banking hub, so I call on the Minister to review the true impact of the closure of banks across the country, and to review the criteria that a community has to meet in order for a banking hub to be provided. In the limited time I have left I want to draw attention to the further decline of high streets and the important role that banks provide in drawing people into their communities. Banks often occupy some of the most prominent, most beautiful and most significant historic buildings. Once they are vacant, they are often left empty, and they become eyesores and further symbols of the deterioration of high streets, which affects so many of the communities that we represent. I ask the Government to review the criteria for banking hubs, and to focus on serious, long-term business rates reform that will enable high streets to thrive into the future. Collectively, as a House of Commons, we must put pressure on the banking system to ensure that cash access remains a part of our functioning economy, and that as many of our constituents as possible have access to day-to-day retail banking services.