As two of the biggest banking groups in the UK report soaring profits, FSB Chairman Mike Cherry has urged Lloyds and Royal Bank of Scotland not to reduce the number of bank branches throughout the UK.
As Royal Bank of Scotland (RBS)’s profits soared to £1.2 billion in Q1 2018, FSB National Chairman Mike Cherry, said: “With RBS’ finances improving, it’s disappointing to see the majority taxpayer-owned bank continuing to reduce in-person support for the public. Local businesses rely on local bank branches, as do their customers.
“The 180 branch closures that RBS has planned will hurt high streets and particularly affect vulnerable consumers. When a bank branch closes it makes accessing cash that much harder. Less cash flow in a local economy means less growth.
Mr Cherry re-iterated his message with the announcement that Lloyds’ pre-tax profits rose to £1.6 billion for Q1 2018.
“Now that Lloyds is well and truly back in the black, it should reconsider its aggressive branch closure programme, said Mr Cherry. "The public was there for the bank during the financial crash. It’s high time that support was returned.
“With profits like these, is another 70 branch closures really necessary?