Business

Stephen Crabb leads inquiry on retaining community bank services

Published

1 month ago

March 28, 2024

PRESELI Pembrokeshire MP, and Chair of the Welsh Affairs Select Committee Stephen Crabb is leading an inquiry in Parliament that will investigate the closure of high street banks in Wales, as well as access to cash.

In November 2023, Pembrokeshire saw the closure of Lloyds Bank in St Davids, and in the coming months both Barclays Bank and Halifax in Haverfordwest are set to close. In recent years, Wales has experienced a rapid decline in the number of high street banking services available to the public. Already in 2024, 23 high street bank closures have been announced in Wales, while automated teller machines (ATMs) declined by nearly a quarter between 2018 and 2023.

The Committee willconsider how declining high street banking services are impacting vulnerable people and small businesses across Wales, who are often more reliant on cash than digital banking. It will also examine how Wales is being affected by the loss of high street bank services, and whether the problem is worse in Wales than other parts of the UK.

Mr Crabb is a staunch advocate for retaining community banking facilities, especially in rural communities like Pembrokeshire where many local branches remain the only source of face-to-face banking provision for miles.

Recently Mr Crabb challenged Barclays Bank senior management on their decision to close the bank branch in Haverfordwest– a move that will see Barclays not only pull out of the county town, but means they won’t have a branch left anywhere in Pembrokeshire. He has also engaged with LINK – the UK’s largest cash machine network – and continues to campaign on the basis that a Banking Hub is established and that ATM machines should be retained or installed, especially in areas worst affected by the closures.

Following the launch of the inquiry, MP Crabb added: “It is really sad to see so many banks across Wales closing as online banking grows in popularity. Despite the advantages of online banking, for a rural community with an ageing population like Pembrokeshire, bank branches hold huge importance as they offer face-to-face customer service.”

“I am acutely aware of the inconvenience that the bank closures locally have already caused following hundreds of replies from constituents to my ‘online banking survey’ ”

“I am looking forward to gathering further evidence on this subject through the committee’s inquiry, and will continue to put pressure on the relevant stakeholders to ensure that adequate alternative provisions are made through the establishment of banking hubs as well as the instalment of ATM machines where necessary.”

“In this inquiry, we are particularly keen to hear from those likely to be directly affected by the shift away from cash and physical banks. I encourage anyone with first-hand experience of losing banking services to give evidence to the Committee”

Business

TSB to close branches, including Carmarthen Blue Street

Published

22 hours ago

May 8, 2024

Tom Sinclair

TSB BANK has announced a substantial reduction in its physical presence, with plans to shutter 36 branches across the UK.

This move is anticipated to result in the termination of approximately 250 jobs.

A spokesperson for TSB remarked, “The decision to close a branch is never taken lightly, but our customers are now predominantly engaging in digital banking activities, necessitating a recalibration towards a more balanced provision of digital and in-person services.”

The banking giant has emphasised its enduring commitment to maintaining a national branch network while highlighting the expansion of alternative banking avenues such as video, telephone, and digital services.

The affected branches, as outlined by TSB’s official website, are as follows:

Alloa
Bedworth
Birmingham, Pype Hayes
Bridlington
Buxton
Carmarthen, Blue Street
Cwmbran, General Rees Square
Dovercourt
Edinburgh, Leith
Felixstowe
Frome
Glasgow, Cardonald
Glasgow, Castlemilk
Haddington
Hounslow
Lerwick
Leven
London, Bethnal Green
London, Clapham
Longton
Manchester, Middleton
Newcastle Upon Tyne, Milvain
Peterhead
Sheerness
Stornoway
Torquay, St Marychurch
Whitehaven
Amble
Aylsham
Banff
Bedlington
Bude
Crook
Flint
Tenbury Wells
Whitchurch

The closures are expected to be implemented gradually, beginning this year, marking a significant transition in TSB’s operational strategy amidst the evolving landscape of banking preferences.

Business

Welsh home sales increase but pricing comes under pressure

Published

23 hours ago

May 8, 2024

Tom Sinclair

HOME sales continued to increase in number in Wales during April according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey as a higher number of listings and good buyer demand led to more transactions taking place.

A net balance of 35% of surveyors in Wales reported that house sales rose through the month of April, the fifth consecutive month that this balance has been on an upward trajectory. Surveyors in Wales also appear optimistic on the short-term outlook for sales, with a net balance of 14% of surveyors anticipating a rise over the next three months. This balance is the second highest across all UK regions, after Northern Ireland.

New buyer demand is also said to have risen through April according to the survey. A net balance of 37% of respondents in Wales reported that new buyer enquiries had increased.

On the supply side, a net balance of 47% of respondents in Wales note that new instructions to sell had risen. This is at a faster rate than was seen in March when the net balance was 41%.

However, surveyors are not as positive on the pricing front. A net balance of -8% of surveyors in Wales reported that house prices have fallen over the past three months, which is just below the UK average which sits at a net balance of -5%.

Looking forward on house pricing, a net balance of -15% of Welsh surveyors expect that prices will edge lower over the next quarter.

The intense demand for rental property appears to have softened a little in April. A net balance of 17% of surveyors in Wales noted a rise in tenant demand for rental properties which is down from 50% in March. Supply of rental property is said to have fallen flat through April. On the expectations front, a net balance of 17% of respondents in Wales anticipate that prices will rise over the next three-month period.

Commenting on the sales market, Melfyn Williams, MRICS of Williams & Goodwin The Property People Ltd, in Anglesey said: “The property market in our areas is showing promising signs of activity, particularly at the lower end. Homes in this bracket are ticking over nicely, keeping the market vibrant and buoyant.”

Anthony Filice, FRICS, of Kelvin Francis Ltd in Cardiff said: “There was a marked increase in listings, viewings and sales agreed across all price ranges, even over £1,000,000. There is a wide choice of properties, and if sensibly priced, are selling well. There is confidence, but it is still a buyers’ market.”

Discussing the rental market, Paul Lucas, FRICS of R.K.Lucas & Son in Haverfordwest added: “Demand for all types of property remains in a dwindling supply. Many landlords are leaving the letting market.”

Regarding the UK picture, Simon Rubinsohn, Chief Economist, RICS, comments: “Feedback to the latest RICS survey demonstrates the sensitivity of the sales market to interest rates at the present time, given the continuing challenge around affordability.

“A modest back up in mortgage pricing has contributed to the flatlining in the buyer enquiries metric over the past month, as well as the slightly more cautious signals around near-term expectations.

“That said, there is still a strong perception that activity in the market will pick up in the latter part of the year and into 2025, irrespective of any political uncertainty around the general election.

“As far as the lettings market is concerned, an increasing number of respondents are also drawing attention to affordability constraints, and this is reflected in a more modest pace of rental growth. But a fundamental problem in the market across much of the country remains the imbalance between demand and supply with new instructions continuing to decline”.

Business

Paul Butterworth appointed Vice Chair of Regional Learning and Skills Partnership

Published

2 days ago

May 7, 2024

Richard Lewis

Paul Butterworth, the CEO of Chambers Wales South East, South West and Mid, has been appointed as the new Vice Chair of the Regional Learning and Skills Partnership (RLSP) for south-west Wales.

Covering Carmarthenshire, Neath Port Talbot, Pembrokeshire and Swansea, the RLSP is dedicated to bridging the gap between education, skills, and regeneration. It aims to ensure that the skills provision is aligned with the economic priorities and opportunities of the region, as well as tackling the new skills landscape that is happening within the energy, construction, manufacturing and digital sectors.

As CEO of Chambers Wales, Paul brings a wealth of experience and a passion for the economic and skills development of Welsh businesses with him to the board.

As the voice of the business community with policymakers, Paul will advocate for enhanced skills training, infrastructure improvements and the creation of skilled jobs, all aimed at creating local economic growth.

Upon his appointment, Paul said: “I am determined to create a better and fairer business landscape for West Wales to ensure that the local economy has the best available skills development for future project development and the transition into the green economy and energy sector to ensure West Wales thrives.”

Jane Lewis, Regional Partnerships Manager at RLSP, said: “We are delighted to have Paul on the board. He will be instrumental in achieving our goals and look forward to the positive impact his appointment will have on the region.”