Plaid Cymru wants a “people’s bank”
that does not abandon its customers
Plaid Cymru will push for the
creation of a publicly-owned bank if elected in June, following a series of
branch closures across Wales.
The party says that too many private
banks are closing branches and neglecting customers and says it wants a
“people’s bank” that “does not abandon its customers”.
HSBC, Royal Bank of Scotland,
Barclays and Lloyds Banking Group are all among banks that cut 600 branches
between April 2015 to April 2016. 90 per cent of those closures were in areas
where the median household income is below the average of £27,600, according to
the Office of National Statistics. By comparison, five out of the eight
branches opened by these banks over the same period were in some to the
wealthiest neighbourhood in Britain - Chelsea, Canary Wharf, St Paul’s,
Marylebone and Clapham - all in London.
Communities across Wales have either
already lost their last bank or are soon to lose them, with implications for
residents and businesses who will be forced to travel to access their cash,
which in rural Wales can mean upwards of a 90 minute round trip.
Simon Thomas,
the party’s spokesperson on Rural Affairs, has called for a publicly-owned bank
to be created in Wales, similar to those seen in other European countries, and
pledged that Plaid Cymru MPs would pressure the UK Government to take action.
He accused the Labour Party of
failing to stand up to the Tories and for turning a blind eye to branch
closures across Wales.
Simon Thomas AM
said:
“It is vitally
important that individuals and businesses in all communities have easy access
to financial advice and banking services. Unfortunately we’re seeing the same
centralisation process with the private banking sector as has been happening in
the public sector.
“I am fed up of
hearing that customers can choose online banking as this fails to take into
account the poor broadband service experienced in many parts of Wales.
“It’s not just
Plaid Cymru campaigning against this - the Federation of Small Businesses and
the Farmers’ Union of Wales have raised concerns about this culture of
centralisation. There will be towns across Wales with no branches at all with
some forced to make 90 minute round trips to get access to money.
“Banks are
abandoning their customers in pursuit of more and more profit and there should
be a duty put on these banks, who provide an essential service, to put the
customers’ needs before their own pockets, in the same way as postal services.
“The Tories are
intent on putting profits before people and the Labour Party has turned a blind
eye to the continuing programme of closures across our country. Plaid Cymru MPs
will not just sit on their hands. Our MPs will stand up in Parliament and
demand that changes be brought in. We would push for the creation of a people’s
bank, owned by the public. It would co-operate, not compete with other
financial providers, including the much needed Welsh Development Bank.”
ENDS
Notes to editors:
Branch closure figures
covered by Reuters here: http://uk.reuters.com/article/uk-britain-banks-branches-idUKKCN0Z60BP
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