The Federation of Small Businesses has given its backing to a campaign to support local banking services. 

At a breakfast meeting at the House of Commons, the UK’s biggest business organisation lent its support to the Campaign for Community Banking Services, a coalition of 25 national organisations concerned about bank branch closures, financial exclusion, community sustainability and the environment.

Since 1990, 40 per cent of bank branches in the UK have closed, making it hard for many businesses to access the banking services they need, particularly in rural areas.

Mike Cherry, FSB financial affairs chairman, said that nearly two thirds of small businesses need to visit their bank at least weekly and one in ten do so every day. These small businesses generate over 50 per cent of UK GDP, so Cherry considers a comprehensive network of bank branches essential.

“A good local banking network also ticks the environmental boxes. Branch closures not only add considerably to carbon emissions, but also increase small business costs. Small businesses would be able to do more for the environment if they didn’t have to drive for miles to reach their nearest branch," he says.

Cherry added that the FSB continues to support the Campaign for Community Banking Services and will keep up the pressure on the banks to keep branches open in support of sustainable local communities.

The FSB’s banking survey of over 4,000 small businesses provides a detailed picture of small business banking in the UK.

Related links

• Federation of Small Businesses
• FSB banking survey

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