The Submit Workplace dealt with a file £3.7 billion in money transactions in July, surpassing earlier highs set in Could, April, and December, because the closure of financial institution branches continues at an unrelenting tempo.
Since 2015, over 6,000 financial institution branches have closed throughout the UK, averaging about 50 closures monthly. In response, banking hubs have been slowly launched, with round 70 at the moment operational and 100 anticipated by Christmas. These hubs purpose to take care of entry to money for the general public and supply small companies with a spot to deposit takings. Nevertheless, with hubs and Submit Places of work solely capable of provide fundamental banking companies, the continuing department closures stay a contentious situation.
Mairi Wingate, who has been the postmistress in Barton-upon-Humber for 19 years, highlights that lots of her clients discover money useful for budgeting. “People use cash for everything from getting their hair done with £10 to managing their weekly shopping and bills with £300 or £400. They know exactly what they have and can’t overspend.”
Regardless of the Submit Workplace’s status being tarnished by the Horizon IT scandal—which noticed a whole bunch of postmasters and postmistresses wrongly accused of theft—the footfall at branches has remained regular, with round 10 million visits every week. The Submit Workplace’s presence on the Excessive Road offers a significant various for communities affected by financial institution closures.
John, an everyday buyer on the Submit Workplace, emphasises the enduring worth of money. “I’ve taken out £50 to go shopping, like I have done for the last 50 years. Cash is still king in my book. I have cards but rarely use them. With cash in your pocket, you know exactly where you stand.”
