I want to get straight to what I have made my number one priority for this year: getting more banking hubs in the town. We have seen so many banks close across our four towns in recent years. Just last week, I learnt just last week that the Barclays in Bishop’s Stortford is set to close in April.
You may think this is a novel issue or that it doesn’t affect you because you do all your banking through an app. However, despite modern innovations, we do not live in a cashless society. We all find ourselves needing to visit a bank from time to time and I am determined to do everything in my power to ensure access to cash is safeguarded across Hertford and Stortford.
There is a solution: banking hubs. At these banking hubs, different banking chains would operate out of the same physical space on different days of the week. For example, on a Monday, you might see Santander, on a Tuesday, you might see HSBC, and so on.
With the help of the local community, I successfully campaigned for Ware to receive a banking hub on its high street which will be delivered later this year. However, current Financial Conduct Authority (FCA) rules mean that while banks are still operational in the town, I cannot secure the SIB other areas will eventually need. This is why I cannot secure a full banking hub for Hertford, Sawbridgeworth or Bishop’s Stortford.
That is why I am making changing these rules my number one priority this year. I need all the help I can get though, so if you agree with me, please complete the survey on my website.