Comment on FSB research on bank closures

Responding to statistics revealed by the Federation of Small Businesses showing 70 per cent of Royal Bank of Scotland local branches have closed or are set to close, Leader of the Scottish Labour Party, Richard Leonard said: “These statistics show just how many communities across Scotland have lost their local banking branch in the past five years.

“The decisions by banks to close down vital high street branches is yet another example of big businesses putting profit before people.

“Not everybody is able to access online banking, and these closures have left individuals, in many cases elderly people or those in rural areas, and small businesses stranded without the facilities they need.

“RBS closures, in particular, are an insult to all those who worked to rescue the company with the use of public money when it was in trouble. We, the taxpayers, own the Royal Bank of Scotland and if RBS won’t listen to reason and put a stop to the additional closures already in the pipeline, the UK government must do the right thing and step in to stop the closures and protect these vital community services.”

Labour MP for Midlothian, and member of the Scottish Affairs Committee, Danielle Rowley said: “Instead of the customer coming first it seems like they are a long way down the banks’ list of priorities.

“It is unacceptable for the banks to plead poverty as an excuse for the dismantling of the branch network while still paying out six and seven-figure sums to executives. The taxpayers who bailed them out just won’t buy that.

“RBS, which is to close two in three branches in my Midlothian constituency, scored lowest out of 21 high street banks in a Which? customer satisfaction survey. The latest RBS branch closure plan suggests that instead of trying to improve, it has thrown in the towel.

“Last June our manifesto pledged to ensure a branch cannot be closed where there is clear local need.

“The need for a Labour government and the chance to act on that promise is urgent – before there is no branch network left to save.”