Breakthrough for MYM as MPs debate RBS future!
October 30, 2015
Shocking new analysis revealed by Move Your Money today reveals the true extent that RBS is abandoning our communities and acting against the public interest.
The bank has crushed businesses for its own profit, crashed the economy causing the cuts, and now is abandoning the very communities that saved it, by closing more branches than any other bank.
But with Parliament set to hold a debate on the future of the bank at 9am on Thursday 5th November, you can help us reverse this – by getting your MP to attend the debate, and to argue for a reformed RBS rather than Osborne’s reckless firesale:
In the last two years 1 in every 3 bank branch closures across the UK was a NatWest or RBS branch, totalling a huge 385 branches.
Even worse, 165 of these closures were the “last bank in town,” leaving communities with no bank at all.
That’s more than half of all last bank in town closures in the UK over the last two years – from the bank that promised never to close a last bank in town.
This is a huge issue, not only for the customers and residents of communities affected by these branch closures, but for the whole of the UK and the future of banking reform too. Here’s why.
Closing branches hits the elderly, the disabled and rural residents first, by making it difficult and sometimes impossible to access their own money.
For example, Move Your Money was introduced to a woman who is her disabled husband’s full-time carer, who is also disabled herself, and at 85 needs the use of a mobility scooter. As a result she can only travel around her local area.
Why should she be forced to travel miles and miles to the next nearest branch, at great expense and discomfort, just to access her and her husband’s own money – especially from a bank that they already own?
95% of bank loans go to within 9 miles of a branch, so if there’s no branch then there’s no cash or credit to go round. Communities and businesses are suffocated as a result, with jobs drying up and high streets closing down.
Move Your Money visited one community of 7,000 that had no access to cash after the NatWest closed there. “It was like living in Greece,” said one resident, only half joking. “All of our worst fears came true”.
How can the 6th richest country in the world have communities of thousands with no access to physical cash, especially when we have a publicly owned bank that could provide it?
Meanwhile, RBS continues to close branches, cut communities off, and extend 34% of its business lending to London and the Southeast. So much for the government rebalancing the economy.
And here’s where it really affects us all – because keeping RBS as it is and selling it off risks another 2008-style financial meltdown.
The bank is still too big to fail, with its reckless casino investment bank sucking up taxpayers’ money that should be used to support communities and keep branches open.
If we reform RBS into a network of local community focused banks, not only would the next crisis be less likely to happen, it would also mean the UK would recover more quickly from it too.
Every other developed economy has these types of banks – except the UK. And as a result, we’re the developed nation that’s most vulnerable to the next crash.
We can reverse all of this, by making the bank we already own work in our interests. But we can only achieve this by forcing the government to make this happen.
Help us achieve the banking system we deserve, one that supports a just and sustainable society, by getting your MP to attend the debate on Thursday 5th November.