Catherine Fookes MP has raised the pressing concern of the decline of banking services in Monmouthshire in an oral question to the Chancellor of the Exchequer in the House of Commons.
Ms Fookes highlighted the impact of recent bank branch closures on residents in her constituency and called for an immediate update on the UK Government's plans to address the issue for residents and local businesses across Wales.
"This year alone, we have had two more high street banks close in Monmouthshire, bringing the total to eight in the last two years. My constituents now find themselves struggling to access basic banking services," Mrs Fookes said.
"What progress has the Chancellor made in her work with her colleagues in the Welsh Government to support high street banks and hubs in Monmouthshire and across Wales?"
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The bank branch closures have resulted in limited face-to-face banking services and cash for many residents, particularly pensioners and vulnerable individuals.
Ms Fookes, who has long campaigned for improved access to banking services, recently received a petition from local activist Owen Lewis at Abergavenny Town Hall.
The petition, signed by 750 Abergavenny residents and businesses, reflects widespread frustration, particularly in towns such as Chepstow and Caldicot, where customers are being directed as far as Bristol for essential banking services.
Chancellor Rachel Reeves MP acknowledged the issue in her response and mentioned her commitment to rolling out 350 banking hubs in communities like Monmouthshire that have lost multiple banks in recent years.
Reeves said, "For older people, for small businesses, for families, this [lack of access to cash] can be devastating. We're determined to reverse that with the roll-out of these new banking hubs."
Ms Fookes welcomed the Chancellor's comments but emphasized the urgency of finding a solution. She added, "The decline in banking services is not only devastating for customers but also leads to job losses in our community–I look forward to meeting with the Economic Secretary to explore the possibility of establishing a banking hub in Monmouthshire, and I am encouraged by the Chancellor's support."