Chris Loder, MP for West Dorset, has launched a campaign to ensure that access to cash is protected in his constituency. The local MP’s motivation stems from the recent closure of many banks and building societies in towns across West Dorset, including in Dorchester, Bridport, Lyme Regis and Sherborne. Mr Loder said:
“Over the last few years, many of our local high streets in West Dorset have seen their banks and building societies close. The decreased reliance on physical cash is one reason, along with the push towards digitisation. But these changes risk excluding the most vulnerable and disproportionately affecting residents in rural areas. Cash still has an important and continuing role to play in our local economy, especially so for our market towns.”
Since the launch of Mr Loder’s campaign, the Treasury has released a new framework to ensure that most people and businesses are no further than three miles away from withdrawing cash. As part of the move, the Financial Conduct Authority has been provided with new powers to protect the provision of cash access services. Commenting on the Treasury’s framework, Mr Loder said:
“I am glad to see that the Treasury are committed to protecting access to cash. Many constituents I have spoken to have no wish to manage their finances digitally and have effectively been forced to succumb to the changes of the banking and finance sector.”
Mr Loder has established a survey to understand constituents’ views on personal banking, access to cash, and digital banking. The survey can be accessed on at: www.chrisloder.co.uk/banking, or you can write to Mr Loder at: Chris Loder MP, House of Commons, London, SW1A 0AA.
