Which? comments on Lloyds Banking Group branch closures

Jenny Ross, Which? Money Editor, said: 

“The timing of this announcement, on the day of the Spring Statement, suggests Lloyds is well aware of how unpopular bank closures are with the millions of people in this country who rely on bank branches to withdraw cash and use in-person services.

“While the pandemic has accelerated the shift to digital banking for many, a significant minority of consumers aren’t yet ready or willing to take the leap. Proposals to protect access to cash by the banking industry, such as banking hubs, could play a role in preserving local access to cash, but they must be targeted and of sufficient scale to plug the gaps left by bank closures. 

“Underpinning those proposals must come long-promised and much-needed government legislation to protect cash for as long as it is needed.”

-ENDS-

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