Last week I held a round table with small businesses at the Parade Cinema in Marlborough to discuss the challenges of accessing and accepting cash, once the High Street loses its last remaining business bank - Lloyds - in November. I have since also met with Lloyds Bank themselves.
While I recognise the use of the Lloyd’s branch has fallen by 50 % in the last five years and that closure is inevitable, I strongly believe in the need to support the cash economy and I remain fearful of the impact the closure may have on the vulnerable and the ability of local businesses to trade. Digital solutions are simply not right for everyone and, no doubt, there is a big challenge ahead for small shops and their cash customers, including children, soldiers (some of whom are paid in cash) and the elderly.
I was encouraged then, in the subsequent meeting with Lloyds, to hear that staff are working hard to ensure customers understand alternatives. Plans are afoot to educate clients digitally and, after the branch closes, there will be a Community Banker on hand to provide face to face support in town (probably in the Library) one day a week. Other than that, current options point towards the Post Office acting as the everyday bank and being used for cash deposits and withdrawals.
My concern with this is that the Post Office in the One Stop shop won’t be enough. Already over-stretched and sub-optimal in its performance, a lack of sufficient space and staffing would only add to its present problems and local businesses will not be adequately provided for.
Understanding that there is a level of commercial sensitivity involved, I have requested more information about the cash needs of individual businesses and their current activity at Lloyds, before meeting with Cash Access UK to discuss any other options available including the possibility of “Deposit Services” - a scheme specifically designed to help shops and other businesses that would otherwise have nowhere local to bank their takings safely, securely and privately.
Happily, Marlborough’s small businesses are nothing if not robust and spirited and I fully intend to support them in ensuring there is something reliable in place for the town before November.
