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Plans announced to save rural banks

Shadow Secretary of State for Business, Energy and Industrial Strategy Rebecca Long-Bailey MP was interviewed by the Eastern Daily Press during the Labour Party Conference about plans to protect rural bank branches.

She said a Labour Government would hand more power to the Financial Conduct Authority (FCA) so that if a bank wanted to close a branch it would have to meet certain criteria, including ensuring that closure would not ‘degrade local financial infrastructure’. Ultimately, she said, the FCA would have the power to veto bank closures if they were found to be detrimental to the local community.

Long-Bailey said that this would have the added benefit of reversing the increase of pay-day lenders on high streets: ‘The fear is that if Government doesn’t take action on this, the first point of call for people financially would be to go to these lenders and get a loan instead of getting financial advice from the bank.’

Full articles:

→ Eastern Daily Press - Labour vows to save East Anglia’s rural banks

The Mirror - Labour's plan to save the high street - buses for under 25s, no ATM charges and wi-fi for all

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