Since February 2022, more than 2,200 bank branches across the UK have either shut their doors or been scheduled for closure, with 18 of these closures occurring in Gloucestershire alone. This marks an average of nearly 11 branch closure announcements per week nationwide.
In November 2023, 24 bank branches are set to close, including 16 belonging to Lloyds Banking Group. By the end of 2025, a total of 536 closures are expected, with 72 more planned for 2026, and an additional 49 closures pending announcement.
Within Gloucestershire, the impact varies by area: the Cotswolds has lost eight branches, Stroud four, Cheltenham three, Gloucester two, and the Forest of Dean one. Notably, the most recent closure was the NatWest branch in Cirencester, which closed in June 2023.
These closures have occurred despite a voluntary industry initiative led by LINK, which commits major banks—including Barclays, HSBC, NatWest, Lloyds, and Halifax—to assess the local impact before finalizing branch closures. The scheme aims to protect vulnerable customers and small businesses as banking increasingly shifts towards digital platforms.
To mitigate the loss of physical branches, banking hubs and free-to-use ATMs are being established in affected communities. Currently, LINK has recommended 246 new or enhanced services, including nearly 200 banking hubs and over 100 cash deposit facilities. Two new hubs open approximately each week, with the target of reaching the 200th hub before Christmas.
The House of Commons Library reports that while changing consumer habits and the rise of digital banking contribute to branch closures, other factors include industry economics, such as reduced ATM operator revenues. LINK’s Chief Commercial Officer, Chris Ashton, emphasizes the commitment to maintaining cash access for those who cannot or prefer not to use digital banking.
Similarly, Gareth Oakley, CEO of Cash Access UK, stresses the importance of cash and basic banking services for millions who rely on them. The creation of banking hubs and deposit points ensures communities continue to have convenient access to essential financial services despite the ongoing branch closures.