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Barclays confirms additional department closures as banks slash prime side road presence

Barclays has showed the closure of a slew of prime streets banks this month because the transfer to shutter branches via UK lenders hurries up.

The financial institution has showed the closure of 27 branches in Would possibly with 63 already closed this yr, with its overall tally of deliberate and finished closures in 2022 now at 103, consistent with figures from client team Which?.

It comes amid a much wider push from UK lenders to slash their bodily presence in the United Kingdom amid a sustained slide in money utilization and fast take-up of virtual banking during the pandemic.

A February record via the Nationwide Neighborhood Reinvestment Coalition discovered that the per 30 days closure price of banks doubled all the way through the pandemic and noticed 4000 branches closed between march 2020 and October 2021.

Barclays has mentioned it’s having a look to offer choice choices to its consumers because it cuts again its bodily footprint.

“This comprises running with the local people to seek out other, extra versatile tactics for our colleagues to proceed to offer native banking give a boost to, reminiscent of thru pop-up presences,” a spokesperson mentioned.

However the decline in department numbers has sparked fears from regulators over get admission to to money, with ministers set to offer recent powers to the Town watchdog this yr to interfere the place get admission to is threatened.

The Monetary Behavior Authority might be granted powers to interfere at “each a countrywide and native degree” to give protection to get admission to to money and make sure communities don’t seem to be bring to a halt.

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Town minister John Glen mentioned this month the Treasury would make sure “individuals are nonetheless ready to make use of money as a part of their day by day lives”.

“It’s the most important to make certain that no one nor group throughout the United Kingdom is left in the back of as we include a extra virtual international,” he added.