Scotland was the first nation of the UK to see over half of its banks close, according to consumer reviewer and market researcher Which?

New data has revealed that around 60% of Scottish bank branches have closed over the past nine years.

The new figures show that only 404 bank branches are left in the whole of Scotland after 636 banks and building societies closed their doors since 2015, according to Which?

In the UK as a whole, 5,783 branches have closed since January 2015, with more than 170 branches due to close in 2024.

“The government must protect the needs of local communities,” money editor of Which? Jenny Ross stated after the latest round of closures was announced.

“Banking hubs could play an important role in this, but the rollout is taking far too long and more hubs must open as soon as possible to stop millions of consumers being left behind.”

Meanwhile, the shadow business secretary, Jonathan Reynolds of the Labour party, has said that Labour plans to create 350 banking hubs across Scotland’s high streets to allow people to use in-person banking services and receive financial advice.

“The SNP and the Tories have let Scotland’s high streets decline and failed to prevent the loss of vital local services,” Scottish Labour economy spokesperson Daniel Johnson stated, as reported by The Independent. 

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“The next Labour government will reverse these damaging trends by rolling out banking hubs across Scotland and ensuring people can access the services they need close to home.”

A Scottish Government spokesperson said, as reported by Insider: “The Scottish Government recognises the importance of bank branches to local communities and we share their concerns.

“We are working to establish if UK Government and industry initiatives – such as the BankHUB run by the Post Office where banks take turn to provide services – are sufficient to maintain access to cash and banking services in Scotland.”