Chancellor Rachel Reeves and Treasury Minister Tulip Siddiq will inaugurate the 100th banking hub today in Darwen, Lancashire, marking a milestone in the government's efforts to restore
access to banking services in response to widespread bank branch closures.
These hubs, a collaborative initiative between banks, aim to revitalize high streets and improve living standards across the UK. With 350 hubs planned by 2029, the program is a cornerstone of the government’s Plan for Change, which prioritizes economic growth and community development.
The Darwen hub will provide essential banking services, including cash withdrawals, cheque deposits, and in-person support for residents. The facility will serve customers from major banks such as NatWest, Santander, Lloyds, Halifax, and Barclays. Additionally, community bankers from these institutions will offer specialized services like debt advice, bereavement support, and fraud assistance on designated days.
A major step towards economic growth
Chancellor Rachel Reeves described the opening as a “huge step” in ensuring equitable access to banking services nationwide.
Rachel Reeves, Chancellor of the Exchequer, said:
“Reaching this milestone of 100 banking hubs is a huge step towards making sure that people across the country have access to essential face-to-face banking services.
High streets are the beating heart of our communities but were neglected for too long under the previous government. We are revitalising our high streets with our target for 350 banking hubs, reforming business rates to make them fairer and clamping down on antisocial behavior”.
Tulip Siddiq, Economic Secretary to the Treasury, added:
“We are delighted to see the continued growth of banking hubs, which are playing an essential role in meeting the needs of communities where traditional banking options have declined.
These hubs are not only vital for residents and businesses, but they also play a key role in revitalising our high streets, bringing footfall back to town centres, and repurposing unused buildings for community benefit.
The success of these hubs proves that shared banking services can provide a solution that benefits everyone, from residents to local businesses”.
Community benefits
Darwen's new hub will support approximately 10,000 residents and 150 businesses within a kilometer of the town center. The shared facility model, which reduces operational costs for banks, ensures the longevity of essential banking services in underserved areas.
Evidence from other hubs in Brixham, Devon, and Rochford, Essex, underscores their positive impact. Research by Cash Access UK reveals that nearly half of surveyed businesses reported increased footfall, and 30% of residents said they visit their town more frequently and stay longer since the hubs opened.
The road ahead
The government aims to open 230 hubs by the end of next year, significantly accelerating the initiative. By providing vital services and rejuvenating high streets, banking hubs are poised to play a transformative role in strengthening local economies and fostering community resilience across the UK.
The opening in Darwen symbolizes not just a response to bank closures but a commitment to a future where high streets thrive, and essential services remain accessible to all. Photo by Lauren Hurley / No 10 Downing Street, Wikimedia commons.