Bank branches need radical pruning

Far too many bank branches are cluttering up Britain's high streets, says Matthew Lynn. It's high time most of them were closed.

How many banks does the average high street need? Two? Three? Four or more? It's a question that very few of us have probably ever really considered. The banks are just there, along with the pubs and pharmacies, blending into the background. Yet this issue is likely to become a lot more controversial over the next few years. Why? Because the big banks are finally starting to shut down their branch networks.

As they do so, campaigners fearful of the potential impact on communities are lobbying to keep them open. They are getting a sympathetic hearing in the press and will, no doubt, be listened to by politicians as well. The high street is already in enough trouble, without the banks closing as well.

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.