With 30 bank branches set to close across Scotland this year, MPs quiz Treasury Minister on whether Scots will still be able to access their cash
18 May 2022
Marking the final evidence session of the Access to Cash inquiry, the Scottish Affairs Committee will be hearing from the Economic Secretary to the Treasury, John Glen MP.
The 2019 Access to Cash Review concluded that government bodies and regulatory authorities needed to work together to ensure people could continue accessing cash. In the years that followed, the Chancellor promised legislation to protect access to cash, and legislated to allow consumers to withdraw cashback without having to make a purchase. More recently in the Queen’s Speech, a Financial Services and Markets Bill was announced, ensuring people across the UK “continue to be able to access their own cash with ease”.
Despite these interventions, since 2015 52% of bank branches on Scottish high streets have closed, and a further 30 are due to close this year. Which? figures indicate that Scotland is the region of the UK that will have experienced the highest proportion of closures.
Scottish Affairs Committee Chair, Pete Wishart MP, said:
“This evidence session with the Minister comes at a pivotal time for the future of access to cash in Scotland. In our own survey, we found overwhelming support for people to continue being able to access their money, and our evidence sessions have heard a range of industry initiatives to continue supporting people. Despite this, we are losing our high street bank branches at an alarming rate.
“Hearing from the Treasury Minister will give our Committee the opportunity to discuss just how the access to cash policy is impacting the people of Scotland. We know Scotland is suffering a disproportionate amount of bank closures, and we are keen to see what more support can be offered.”
Monday 23 May
- John Glen MP, Minister of State (Economic Secretary), HM Treasury
- Laura Mountford, Deputy Director – Payments & Fintech, HM Treasury
Following the evidence session, the report will be written for publication in due course.
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