In his latest column, local MP Jonathan Reynolds expresses his dismay at the news that Lloyds will be closing in Hyde.

Another week, another announcement of a local high street bank closure. This time it's Lloyds in Hyde.

Without any consultation, I’ve been informed that the Clarendon Square branch will close on June 21, 2023. Staff were informed the same morning the announcement was made at noon. I am relieved to learn they will all be redeployed, but my thoughts are with them as they process their workplace disappearing from under them.

Come summer there will not now be a Lloyds bank in my whole constituency. The next nearest branches are Ashton and Stockport.

This is not only bad news for the Hyde community but also the High Peak community beyond, for whom Hyde was the nearest branch following previous closures.

After Lloyds closes, there will only be NatWest and Halifax left in Hyde, only NatWest in Stalybridge, and of course Mossley has now been without a bank for several years. Thankfully, customers can continue to do many transactions at the Post Office, and mercifully all three towns have held on to their Post Office branch, although of course we have seen sad closures in our villages and out-of-town branches.

Many of us can do more banking online, as the majority of costumers already do to some extent, a significant driving force behind banks’ business decisions.

But we know that without that reason to pop into town, footfall for other shops, market stalls, cafés and services drops too.

We know that some older and vulnerable people struggle to access online banking. We know that some residents and traders have moved their bank accounts in order to try to continue to access physical banking nearby, only to find that the branch they’ve moved to closes too.

I fully appreciate banks have to make business decisions, and that the world is changing. But frankly I’m fed up with these closures being presented to long-term customers as a fait accompli.

I’m really proud that the last Labour manifesto committed to change the law to require high street banks to consult with their communities, a policy I worked on when I was Shadow Economic Secretary.

Labour also put down an amendment to the Financial Services and Markets Bill a few weeks ago which would give City regulators the power to ensure communities have regular access to essential in-person services, including opening new accounts, applying for loans, making and receiving payments, as well as free access to cash (£1.75 charges to withdraw £20 are a disgrace, and becoming more common).

Sadly, the Conservative Government blocked the amendment. It’s time for a Labour Government that would strive to ensure those who need to can still access banking the way they want to.

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