A new study from The Nottingham Building Society found that out of those retailers who say they are affected by closures of banks estimate their annual revenue fell by an average of 20 percent.
The Nottingham’s research shows that 36 percent of people would visit their town or village less if their local branch closed and 40 percent would make three or more fewer visits a month.
Gary Womersley, head of Branch Network for The Nottingham Building Society said that financial institutions play a major role in local high streets drawing customers to shops and boosting sales and business.
“This is particularly true in market towns, where much of our focus is placed. Sadly, there are now as many as 1,500 towns in the UK that used to have branches but no longer do. In as many as eight towns, The Nottingham has a branch where there is no presence of the big four banking institutions”, he said.
