UK left with dwindling bank branches despite bailout

Laura Miller
clock

Britain has fewer bank branches per customer than almost any other leading nation, an investigation reveals.

In the past 20 years, closures have averaged one branch every day, according to the Daily Mail. Taxpayers have each paid on average £3,180 to bail out UK banks, yet Britain now has just 203 branches per million people. With one in six branches shutting in the past decade, more than 900 communities in the UK now have no branch, the paper reports. The move to online banking has also been less comprehensive than many banks claim, with just 38% of Britons choosing to bank online. As a result, millions of people have no access to best banking deals because there is no competition for...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Autumn Budget 24: Labour pushes forwards with private school fees VAT

Autumn Budget 24: Labour pushes forwards with private school fees VAT

Change introduces 'new challenges' for families

Jen Frost
clock 30 October 2024 • 4 min read
Autumn Budget 24: Labour raises CGT lower and higher rates

Autumn Budget 24: Labour raises CGT lower and higher rates

CGT on residential property unchanged

Sorin-Andrei Dojan
clock 30 October 2024 • 2 min read
Autumn Budget 24: Inherited pensions to face IHT from 2027

Autumn Budget 24: Inherited pensions to face IHT from 2027

Impacting wealth transfer efficiency and legacy planning

Sahar Nazir
clock 30 October 2024 • 1 min read