Areas of high unemployment bear the brunt of bank closures

Some of Britain's poorest communities have been hit the hardest by the thousands of bank and building society closures happening every day, according to new research by The University of Nottingham. A new report finds that there was a net loss of nearly 7,500 bank and building society branches in the period 1989 to 2012 or more than 40% of all branches. The report also finds that the least affluent third of the population has borne the brunt of two thirds of closures since 1995. The areas with above average rates of closure between 1995 and 2012 were Britain's least affluent inner city areas, multicultural metropolitan areas and traditional manufacturing areas. The two areas which have experienced the biggest decline of 39% (traditional manufacturing and inner city areas), were also characterised by unemployment rates and levels of renting from the public sector, which are far above the national average. By contrast, the rate of closure experienced by areas defined by researchers as 'Middle England' - including suburbs and small towns - have fared much better, seeing the lowest rates of closure. Traditional manufacturing and inner city areas have lost branches at a rate 3.5 times higher than suburbs and small towns.