Selaine Saxby, Conservative MP for North Devon, is pleased to report that following the closure of the last remaining bank branch in Ilfracombe, the Cash Action Group and LINK have announced that Ilfracombe will be part of our next pilot scheme.
There are still millions of consumers and small businesses across the UK who depend on cash and face-to-face banking services. The cost-of-living crisis is heightening this need, as many people return to cash as a way of budgeting effectively. Changes in banking provision and the shift to digital, while meeting the needs of many people, are leaving some consumers and small businesses without the services they need.
For that reason, a group of the 10 largest UK retail banks, leading consumer groups and the Federation of Small Business have been working together as the ‘Cash Action Group’ (CAG) to create shared cash and banking services to fill this gap. Last year an extensive pilot programme to create a range of new services, which included the ‘Banking Hub’ which provides basic banking services for all of the major banks from one high street location and cashback without purchase, which was shown to significantly support the more vulnerable in society, with average withdrawals around £20 compared with £75 for ATMs. Both of these concepts are now being rolled out nationally.
Selaine Saxby MP said:
“When Lloyds announced that it would be closing its branch in Ilfracombe, the last bank branch north of Barnstaple there was an understandable concern from residents and businesses. Despite the Post Office and building society in Ilfracombe it was clear that more banking services were sought by residents and businesses alike.
“Having spoken to the CAG teams and emphasised the distances involved, especially for the many small businesses along our coast I am delighted that Ilfracombe is being included in this rollout.”
CAG will be looking to engage with each the community immediately to better understand local needs. This will take several forms including focus groups and surveys where they will seek input from residents, businesses and other local groups.
The intention is to deploy these solutions as quickly as possible, and CAG are already in active dialogue with service providers who are keen to support the pilot programme.
Cllr Dan Turton, Mayor of Ilfracombe said:
“This is great news as it was such a huge blow to learn Ilfracombe will be losing our last bank. I know that many communities are facing similar challenges, but we have so many small businesses and elderly residents in Ilfracombe that need a full banking service. This pilot will take time to organise, but I know that I and all my council colleagues will work hard and with CAG to move forward as quickly as possible.”
