The wholesale closure of bank branches in regional towns and rural locations is having a devastating impact on small businesses, a leading retail body has warned.
According to British Independent Retailers Association (Bira), banking was a crucial high street service for small businesses, with members from around the country contacting the association about the negative impact of closures.
Andrew Goodacre, chief executive of Bira, said, "For a long time we have been warning against the wholesale closure of banks in regional towns and rural locations. Banks continue to make billions on the back of high bank charges for businesses and yet fail to support them when it is really needed."
Goodacre added, "From a wider economic perspective, the GDP in the UK is falling and these types of negative changes to the high streets are not going to help."
The association highlighted the situation in Cornwall, where Lloyds Bank has closed or announced the closure of dozens of branches, leaving just one in Truro to serve the entire county by the end of 2026.
The closure of the Penzance branch in January will leave over 33,000 customers without a local branch, with the nearest alternative almost 40 miles away.
Sue Calvert, director of Alfred Smith and Son in Penzance, a furniture retailer which has banked with Lloyds for over 100 years, said: "For me, Lloyds and all the other banks in the town represent the root system of our economy in Penzance.
"Face-to-face banking is essential to maintain and keep customers safe."
Bira is calling for a review of the rules governing bank closures, more notice to businesses before closures take effect, and greater support to help firms adjust to the loss of local banking services.
The association also wants to see more banking hubs established to replace closed branches.