Barclays Bank recently announced it would be closing its Leiston branch in May. This was the last bank in Leiston and the last branch of Barclays in Suffolk Coastal after the closures of seven other branches since 2010.
We are in a digital age but I know how much of a life-line local bank branches are for all sectors of the community, especially elderly residents and for local businesses. I am very disappointed and consider it to be particularly short-sighted of Barclays given the construction of Sizewell C and the comments I have already received from constituents on how busy the branch is. I am meeting Barclays to discuss this closure and I will make the local feeling clear. I also intend to work with the Town Council to apply for a banking hub quickly so if Barclays cannot be persuaded then alternative provision could be developed promptly.
The government brought in legislation through the Financial Services and Markets Act to improve people’s access to cash and give the Financial Conduct Authority (FCA) greater powers to challenge banks on their closures. There is also potential to direct banks on actions to help communities. The FCA is still developing how it will it use these powers but I will be requesting them to challenge Barclays on this specific closure.
I would therefore urge you to sign the petition that encourages the board of Barclays Bank to keep the branch open and to the government, including on how powers it has created can be effectively implemented.
I do hope that with sufficient public support we can get Barclays to listen.
The Petition:
To the House of Commons
The Petition of residents of Suffolk Coastal and the wider Suffolk area,
Declares that Barclays Bank has stated it will close its Leiston branch; further that this means Barclays will have closed all of its branches in Suffolk Coastal including Aldeburgh, Felixstowe, Halesworth, Martlesham Heath, Saxmundham, Southwold, and Woodbridge; further that the Petitioners believe that rural areas like Suffolk are more likely to be at risk of branch closures; further recognises the powers of the Financial Conduct Authority given under the Financial Services and Markets Act 2023 regarding access to cash and bank closures; and further that it is concerned at the validity of the assessment of the justification of closure by Barclays.
The Petitioners therefore request that the House of Commons urges the Government to encourage Barclays to keep open their last remaining branch in Leiston in Suffolk Coastal; and to require the Financial Conduct Authority to publish its assessment of the justification given by Barclays for the closure of its Leiston branch.
And the petitions remain, etc.