Between 2016 and 2024, 3,700 bank branches closed in England, averaging eight closures per week, leading to the emergence of 41 'banking deserts' with significant business growth. Key areas like Westminster experienced up to 80 closures, but the decline in banking infrastructure has not hindered entrepreneurial activity. Over 2 million businesses were established from 2017 to 2023. Areas like Westmorland and Furness and Camden reported substantial new business creation rates. Nearly 40% of UK SMEs are now utilizing digital-only banking services, demonstrating a trend towards leveraging online financial solutions.
The closure of 3,700 bank branches in England from 2016 to 2024, averaging eight weekly closures, demonstrates a shift towards digital financial solutions.
In total, England has 41 'banking deserts' where at least one bank has closed for every 10,000 residents, yet business growth continues.
Despite the decline of traditional banking infrastructure, over 2 million new businesses were created in the UK from 2017 to 2023, indicating resilience in entrepreneurship.
Nearly 40% of UK SMEs have adopted digital-only banking services, reflecting a significant shift away from traditional banking channels for managing finances.
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