In recent reports, it has been revealed that Ossett has been designated as a ‘banking desert’, underscoring the town’s substantial absence of financial facilities. Figures released by the Labour Party have singled out Ossett as one of the 55 towns in the UK classified as “bankless”, despite previous assurances from the government regarding the establishment of new banking hubs.
This concern extends beyond Ossett, as a total of 388 towns and communities have either lost their last bank since 2022 or have been notified of impending closure plans. This disconcerting trend has prompted Labour to make a commitment to address the issue of “ghost high streets” should they emerge victorious in the upcoming general election.
Jade Botterill, the Labour Party’s parliamentary candidate for the new Ossett and Denby Dale constituency, has expressed disappointment at the government’s failure to deliver on the promised banking hubs. She emphasized that this has contributed to the decline of high streets in Ossett and Denby Dale, impacting hundreds of thousands of residents and small businesses dependent on essential banking services.
Amidst this predicament, the Wakefield Council district has witnessed a notable reduction in the number of bank branches, with only Wakefield, Pontefract, and Castleford now providing in-person banking services. The closure of Halifax bank branches in Normanton and Ossett has further compounded the challenges faced by residents in these areas.
The repercussions of these closures are profound, with nearly 6,000 bank branches across the country shutting down since 2015. This has prompted calls for the government to take action to safeguard crucial banking services. In a positive development, the government announced last August that banks would face penalties if they failed to offer free access to cash withdrawals for consumers and businesses.
It has been proposed that free cash withdrawals and deposits should be available within one mile for urban residents and within three miles for those residing in rural areas. Additionally, a voluntary arrangement is currently in place to ensure that every high street has free access to cash within 1km.
The situation in Ossett and other “banking desert” towns is indicative of a larger issue affecting communities across the UK. The decline of bank branches has far-reaching implications, particularly for small businesses and vulnerable members of society reliant on local banking services.
As the Labour Party endeavors to address these challenges, it is imperative for the government and relevant stakeholders to collaborate on viable solutions that can rejuvenate high streets and ensure essential banking services are accessible to all communities. The issue of “banking deserts” demands serious attention and concerted efforts to bridge the gap in financial accessibility for residents nationwide.