00:00...is without one.
00:01David Chadwick.
00:02Thank you, Deputy Speaker, and I'd like to thank the Honourable Member for securing this debate.
00:07One of the most meaningful moments I've had so far as a Member of Parliament
00:10was hearing the elderly residents in a nearby care home thank me for securing a banking hub in Astragunlis.
00:18That hub is now open and working.
00:20It's providing an essential service to residents and small businesses,
00:23many of whom were previously facing long and expensive journeys just to access basic banking services.
00:28The local response has been overwhelmingly positive.
00:32Many residents have said that bringing back banking services
00:35is the first time they've seen their community restoring services in many years.
00:40This did not just happen by chance, and I'd like to put on record my thanks to all the staff at LINC, the regulator.
00:47LINC engaged with us throughout the process.
00:50They took the time to understand the community's cash and banking needs and sought to find a solution.
00:55Their involvement was constructive, and I commend them for it.
00:58And that's how an effective regulator can make life better for ordinary people in reining in corporate greed.
01:05And if the Government is looking for ways to win back favour, then this surely must be one of them,
01:09committing to more banking hubs.
01:11The Government has committed to 350, but in reality, as we've already heard, the country needs far more.
01:18The demand is there, the model works, but the current framework is far too restrictive.
01:24I've submitted applications for new hubs in my constituency, in Pontedower, Brecon, Pristine and Biltwells,
01:30and each of those communities has a clear case.
01:33But what is needed is a system that supports those applications,
01:36not one that holds them back through the outdated rules and artificial limits.
01:41In Brecon, we only have one final bank branch remaining.
01:45In Hay-on-Wire, a town blessed with a bustling high street and a number of independent businesses,
01:50not a single bank remains.
01:53Elsewhere, in Radnorshire, Pristine saw its last bank close earlier this year.
01:58And Rayada is troubled by community bankers who don't wish to visit it.
02:03In Pontedower, in the Swansea Valley, Lloyds is due to close the final remaining branch later this year,
02:08citing a lack of footfall despite queues from the door to the counter.
02:11And this is all the while banks continue to report billions of pounds in annual profits and rising dividends.
02:17They say they have no option but to close these branches because of the digital transformation,
02:22but yet some of them still cite statistics showing that up to 50% of their customers still need physical services.
02:29The banks have fundamentally changed their service offering.
02:33Who would now deposit their life savings with someone that offers to meet them in a car park once a week?
02:39That's what Charlie Nunn, the CEO of Lloyds Bank, has done to his customers in Pristine, Brecon, Ostrogunlice and now Pontedower.
02:48He took home a staggering £5.6 billion last year,
02:51has closed over 140 bank branches to save his company on some overheads
02:55and managed to bump up the Lloyds dividend by 13%.
02:58Does he deserve that?
03:00Does he know the misery that he's caused for people in doing so?
03:03And will he stop the closure of Pontedower Bank Brunch,
03:06something that over 500 local residents have called on him to do?
03:08Do you mind when they need to do that?
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