Why we urgently need more banking hubs in Suffolk

recently spoke in a debate in Parliament about an issue affecting communities across Waveney Valley and beyond: the urgent need for more banking hubs in rural areas. Nationwide, an average of 53 bank branches have closed every month since 2015 and over 85% of banks across Waveney Valley have shut during that same period. This situation is not sustainable.

With advances in technology, banking has become easier for many people. But not everyone can, or wants to, bank online. Many people still prefer face-to-face contact, and many small businesses depend on handling cash safely. As you all know, getting reliable broadband and mobile signals in parts of the constituency can be hard at the best of times, so it is not realistic to expect everyone to "just use the app".

Access to banking should never depend on owning a smartphone or having a fast internet connection. That is why banking hubs are invaluable. They bring physical access that so many people rely on.

In Halesworth, the recent closure of the post office that was housed in Coopers has really affected access to banking. This will be made worse when Barclays, which has been operating a weekly pop-up at the library for some time, closes its service in December as well. Alongside our Green councillors I have been urging the post office to prioritise the search for potential alternative sites in Halesworth.

Meanwhile, Eye has been left with just one cash point, no banking facility and no post office. Green Councillor Lucy Elkin has been working with local business owners to try to bring a post office back to Eye. These losses show exactly why banking hubs are essential and why the Government must accelerate the rollout of the hubs. Like in Eye, Bungay has lost all banks and the Barclays banking service in the library has also closed.

I frequently hear from residents and business owners that managing everyday banking has become increasingly complex without a local branch. People are struggling to deposit cash, pay bills, or receive in-person advice. Small businesses that handle cash daily are finding it harder to bank their earnings safely. Older residents who do not use online banking are at an extra disadvantage as they must travel to the nearest town. For those without cars and with poor public transport links, the loss of local banking services is a serious barrier to independence.

That is why I have been calling for the Government to accelerate the rollout of banking hubs across the country, prioritising rural areas. A banking hub is a shared space where the post office and several high street banks work together to provide face-to-face services. Customers of different banks can visit on set days to withdraw or deposit cash, pay in cheques, or get advice from a representative of their own bank.

In Harleston, a banking hub has been operating in a temporary location for some time, making an enormous difference. It helps keep people coming into the town centre, supports local shops and cafés, and ensures that vital financial services remain accessible to everyone.

We need the long-term future for existing banking hubs to be secured, and we need more hubs across our region. Banking hubs are not just about convenience. They are about fairness and inclusion. They allow everyone, regardless of age, income, or digital ability, to manage their finances confidently.

It is deeply worrying to see banks withdraw entirely from communities, especially while many report record profits. Access to banking is not a luxury. It is an essential service that underpins local economies. When banks close, the impact is felt across the community. Small businesses lose cash services, older residents lose independence, and high streets lose footfall. A thriving market town needs essential services that keep it connected and alive.

I’ve been worried seeing banks leaving our community, especially as the high street banks are reporting record profits. Access to banking cannot be treated as a luxury for the future. It is an essential service, and when private banks cannot or will not provide it, the Government must ensure that communities are not left behind.

I will continue to raise this issue in Parliament and with both the Post Office and the Treasury. We cannot allow rural East Anglia to become a patchwork of communities without access to cash or local banking. Halesworth, Eye, Bungay and other rural towns deserve better, and I will keep fighting to make sure they get it.