Jan 3, 2022
Scottish banking pilot offers hope to UK high streets without branches
Coyle attributed her optimism in large part to the success of a banking pilot scheme in the town - a rare collaborative effort between the state-owned Post Office and Britain's largest retail banks. The increasing use of digital banking and a sharp fall in cash payments during the coronavirus pandemic has exacerbated a trend of branch closures and ATMs over the past decade. Since 2012, the number of bank branches in the UK has fallen from 11,355 to just 6,965 in October 2021, according to data from the Office for National Statistics. In July, Rishi Sunak, the UK chancellor, launched a consultation into the issue, pledging to allay concerns that millions of older and vulnerable people could be left without access to cash. It offers digital banking services as well as cash withdrawals and deposits along with a change machine.
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