Julia Lopez, MP for the Hornchurch & Upminster constituency (which includes Harold Wood and Harold Hill), is running a campaign to get a banking hub in the constituency.
Background
Over the last few years, the constituency’s high streets in Hornchurch, Upminster and Harold Hill have seen a number of bank branch closures. The most recent closure saw Barclays shutter their Hornchurch branch in May 2024, prompting disappointment from businesses and residents in the area.
This trend is not unique to Havering, with banks closing branches in their thousands over the last ten years with more closures to come.
However, from this trend has emerged the Post Office Banking Hub model. A banking hub provides a location for people to access cash-based services such as withdrawal, deposits and cashing cheques, as well as hosting various major banks on rotation for more complex banking enquiries.
Following correspondence with Hornchurch businesses and residents after the most recent bank branch loss, Mrs Lopez decided to launch a survey on a banking hub within Hornchurch town centre to establish demand. Evidence collected was put to Link UK, the organisation responsible for rolling out the banking hubs.
Mrs Lopez discussed possible locations for a hub, as well as the criteria for a community being eligible for one in the first place. Three locations within the constituency were looked at, including Hornchurch, Harold Hill and Upminster. Unfortunately Link UK said only Upminster currently meets the initial criteria for a potential hub.
To be considered for an access to cash assessment, an area must have 70+ retailers within 1km of the high street, have no full-service bank branches and be more than a 15-minute bus ride from the next high street with a bank.
Hornchurch currently has the most coverage by bank branches with several still on the high street and so was deemed ineligible by Link.
Mrs Lopez had lobbied for Harold Hill to be considered as a potential site due to less public transport connectivity and a higher use of physical cash. However, the Hilldene area of Harold Hill still has a full-service bank branch (TSB) and around 40 retailers, so the community is similarly ineligible.
Why does this matter?
Access to cash and banking services is vital to many residents and local businesses in the community. From older people who may not be as comfortable using online banking services, to businesses looking to deposit cash or families who use cash to plan household finances, it’s important that people have access to this basic provision.
However, in recent years the high street has come under pressure from online retail, rising energy bills due to the war in Ukraine and the long lasting impacts from the COVID pandemic.
Ensuring that individuals and businesses have access to good banking services and cash is a key part of helping to keep our high street vibrant and thriving – a banking hub on the high street will be a huge boost to the community.
All of this work to support the local high street and businesses forms part of Julia’s six-point plan to make the Hornchurch & Upminster constituency a great place to live, work and raise a family.
Decision
Following their visit to Upminster on Thursday 8 May to conduct an access to cash assessment on the high street, Link UK decided that Upminster was not currently eligible for a banking hub on the high street. Julia followed up with Link for a meeting in Parliament to discuss the decision further. Find out more about the decision here.
