How to avoid a ‘fatal blow’ to our town centres

The Community Development Foundation (CDF) welcomes the debate on Town Centre Regeneration in the House of Commons. In many areas vibrant town centres are at the heart of local economies providing valuable jobs and services.  But many of our town centres are struggling to remain viable.  Banks are closing town centre branches at an increasingly rapid rate.

This doesn’t just mean the loss of financial services.  Branch closures are often accompanied by the removal of ATMs, making it harder for local shoppers to gain access to cash.  For many small retail businesses which are reliant on cash purchases this can prove a fatal blow to their profitability and sustainability.  Bank branch closures also make it harder for local retailers to easily deposit money at the end of the day.  They face a choice of a longer trip to the nearest bank branch, often taking up a few hours of precious trading time or keeping cash on site, with all the risks that entails.  This problem could easily be resolved by banks agreeing to leave ATMs in place when they close branches and upgrading ATMs so that they have greater functionality, including taking deposits of cash as well as distributing cash.

Community groups also have a key role to play in helping town centres remain vibrant and viable.  CDF’s recent research project, Tailor Made, showed that small community groups play a critical role in making life better.  They add value to the local economy, help to increase living standards and reduce the burden on statutory services.  Making sure that small community groups have access to funds and facilities can help them continue to play this vital role.

You can read more about Tailor Made and how small community groups help support local economies here.

Jennifer Tankard is Director of Advocacy and Research at the Community Development Foundation