Fighting for a banking hub in Eltham

Last week at Full Council, I was proud to propose a motion calling for the establishment of a banking hub on Eltham High Street, a motion that was passed unanimously by councillors from across the chamber.

Over the past decade, the UK has lost more than 6,300 bank and building society branches. That’s nearly two-thirds of all branches, and in Eltham, we have felt this even more deeply. In just the past few years, we’ve seen TSB, Barclays, NatWest and Santander all close their doors. Halifax will follow soon— leaving Eltham without a single bank branch (although we do have a building society).

For many residents, especially older people, disabled individuals and those who can’t access online banking, this isn’t just inconvenient — it’s exclusionary. After October, the nearest banks will be over two miles away. That might not seem far to some, but for many, it’s a barrier they simply can’t cross.

I’m grateful to colleagues across the Council, including members of the opposition who recently launched a petition in response to and in support of the motion, for recognising just how strongly the local community feels about this. But while petitions are important, residents also need action. That’s why I brought this motion forward now: to push for practical steps that will protect banking access on our high street.

I’ve seen first-hand that the need is still there. When I recently visited the Santander branch in Eltham, it was bustling with activity — customers queuing, staff offering help, relationships being maintained. These branches aren’t closing because no one needs them. They’re closing because it’s more profitable to push everyone online — whether they’re ready for it or not.

This isn’t just about transactions. It’s about people. I still remember my mum, who worked at the Newcastle Building Society, telling me about the elderly gentleman who would come in every day to withdraw £10. For him, that interaction wasn’t just about money. It was part of his routine, his connection to the world. In a society that’s becoming more automated and impersonal, these small, human interactions matter more than ever.

We also need to see more from our national regulators. While the Financial Conduct Authority (FCA) has acknowledged the challenges of bank closures, it’s time for them to go further. France has already taken steps to prevent closures in communities without alternatives. Why not here?

In the meantime, we must act locally. That’s why my motion calls on LINK, Access to Cash, and the Post Office to work with the Royal Borough of Greenwich to identify a suitable site for a banking hub — a shared space where multiple banks offer basic services and a rotating community banker provides in-person support. These hubs are already making a difference in towns across the country, and Eltham deserves one too.

I’m proud that this motion passed with unanimous support, and I’ll continue to work with council officers, community groups, and national partners to make this happen for Eltham.