Croydon South at risk of becoming ‘banking desert’ after losing 93.8% of branches

Croydon’s Labour councillors have warned that Croydon South is at risk of becoming a “banking desert” after losing almost the entire bank branch network.

Croydon South has lost 93.8 per cent of its banks since 2015, with 15 closing their doors in the past nine years, according to consumer research organisation Which.

Ben Taylor, Labour’s Parliamentary Candidate for Croydon South, said: “The Conservatives have failed to deliver the local services people depend on and have left Croydon South at risk of becoming a banking desert.

“I know how many people in Croydon South depend on having a local bank, whether that’s to support their small business or manage their personal finances.”

Labour also found that since 2022 alone, an additional 385 towns across the country have seen their last bank branch close, or announce that they will be closing imminently.

 Tulip Siddiq MP, Labour’s Shadow City Minister, said: “The Government’s failure to roll out banking hubs has left many people and small businesses in Croydon South without the services they need.

“Almost 6,000 bank branches have closed their doors since 2015, but under the Conservatives just 40 banking hubs are operational, despite many towns being promised new banking services months ago.”

A spokesman for the Treasury said: “We know cash remains king for many, which is why we have protected access to cash in law – legislating to protect access to cash withdrawal and deposit facilities for people and businesses.

“This will support businesses to continue accepting cash by ensuring they have reasonable access to facilities to deposit their cash.”

Pictured top: Lloyds Bank in Purley, Croydon South, which has now closed down (Picture: Google Street View)