Banks are closing at an alarming rate in the UK, at a rate of about 80 a month. In the past three years about 2,868 have closed across the country. We had in 1980, 20,585 branches across the UK, but by 2012 we were left with 8,837.
What will this mean for the people in the UK?, there will be less ATM machines making it more difficult to withdraw money. People without internet will have problems and the vulnarable people such as the elderly who go weekly to withdraw their pensions will be stuck to pay their living expenses.
The banks although they are projected to have made profits on the first half of 2018 of £13.6 Billion with the combinations of four High Street Banks – Barclays, HSBC, Lloyds and Royal Bank of Scotland – this will cause problems for many people who use cash only. It is estimated that there are 2.7 million people across Great Britain that only use cash for their daily living expenses.
Due to costly running of card machines not all business use them to make transactions and the ones that do insist that your transaction has to be more than £5.00 since the law came in this year that shop owners could not put a charge of 50p for transactions less than £5.00.
The governements and the banks are not thinking about the people they are just thinking how much money they will save in the long run when things change over to digital once they close the branches down. If everything goes online they will save on business taxes, and paying wages to the bank staff never mind the running costs of running a bank itself. Its a move that not all people in the UK will be happy about.
I on the rare occasion have to withdraw cash, this will mean that these business's who only accept cash will be forced to use card machines or will eventually shut down.
Pubic transport uses a combination of cash or their own apps, people without smartphones will find it difficult to travel.
This is going to cause no end of problems for the public and for businesses.
Your can read more in an article from 'The Express':