Louie French MP's latest column in the News Shopper.
Cash is king, as the old saying goes. But it rings hollow today. Banking mostly happens online or through mobile apps. Card transactions and contactless payment have replaced cash and coins for younger generations. While some find this convenient and feel greater control over their finances, a significant group does not. That's why, as your local MP, I've led a local campaign to 'back our cash' for a few years.
The move away from cash is a national trend. Some businesses now refuse cash, whilst banks are closing local branches because many people no longer use them. Online help portals and technology are also increasingly replacing customer support services provided by human beings. But while some people find this more convenient, it's locking others out of the services they rely on.
Many older and vulnerable people locally find it increasingly difficult to access cash, make payments, control their finances, and get advice. Small businesses can't easily access change-giving services, and even if you are confident online and digitally savvy, everyone has that moment of frustration when the computer says no and we desperately want to talk to a real person.
That's why I am delighted that the Sidcup Banking Hub opened in its temporary home last week in the parish offices and rooms at St. John's Church. This new service will secure the future of face-to-face banking in the town centre. Residents and businesses can make withdrawals and deposits, access change-giving services, and privately speak to a community banker. It's open from 9 am to 5 pm, Monday to Friday, for everyone, regardless of which high street bank you use.
In recent years, Sidcup has lost NatWest, Halifax, HSBC, and Barclays. While local Santander and Lloyds branches hang on, uncertainty hangs over them. Welling lost its last two banks after Barclays and Santander closed their high street branches before its banking hub opened almost two years ago. While rolling back the national trend against cash is near-impossible, these two banking hubs will protect local banking services in Bexley's second and third largest town centres.
Thank you to everyone who joined my campaign to open the Sidcup Banking Hub. We learned from our local campaign to secure one of the country's first banking hubs in Welling, and I'm delighted that we managed to secure a second in Sidcup. It was a real community campaign and wouldn't have been possible without the support of Sidcup Partners, local businesses, residents, and councillors. I would also like to thank St John's Church for providing its temporary home until the permanent Sidcup Banking Hub is ready to open on the high street.
I look forward to working with Cash Access UK to secure the Sidcup Banking Hub's permanent home as soon as possible. Until then, I encourage all residents and businesses to pop by, learn more about the hub and use the new service in its temporary location at St John's Church.
