Following news that yet another bank branch in our city will be closed in June, Cllr Stephen Morgan, Portsmouth’s Labour Leader, has backed plans to tackle bank closures.
The Co-operative Bank, in Commercial Road in Charles Dickens ward, Portsmouth, has announced it will shut its doors on June 27, meaning the nearest branch will be in High Street, Chichester.
Cllr Morgan is concerned by the impact of this closure in the heart of Portsmouth on the city’s communities and loss of important local jobs.
A plan has been announced by Labour to rejuvenate the high street and protect local communities. The party has announced it will make major changes to the banking law that will prevent banks closing their vital high-street branches and damaging local communities and small businesses. It would do this by giving the “Access to Banking Protocol” more teeth.
Cllr Stephen Morgan, Portsmouth’s Labour Leader, said:
“We’ve seen too many banks branches close in our city over the years.
Now we learn of the Co-op going from our city centre in June.
I am hugely concerned for our communities and local businesses.
That’s why Portsmouth Labour are backing plans to put in place the legal obligations to bring banks into line and stand up for our high streets, communities and small businesses.”
Banks receive considerable financial support from the public and in return should be required to provide financial infrastructure that meets the needs of individuals and businesses.