Auf wiedersehen, adieu, so long, au revoir to the banks

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 27 January 2017

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We tried hard this week not to talk too much about Britain's exit from the European economic bedrock as it jumps headfirst into bed with Donald Trump’s protectionist America.

Instead, and in related news, Georgie Frost, Adrian Lowery and Simon Lambert take a look at the exodus of banks from the UK.

Not just those planning on moving to continental Europe post-Brexit, but the latest wave of branch closures announced by HSBC and Yorkshire Bank.

But do we really need them? Simon, This is Money’s editor, would happily never set foot in one again.

Also on the show.

Can you beat inflation with savings?

Probably not – so listen to our easy-to-follow look at how anyone can to get into investing

Email hacking sees no sign of relenting - and now there’s a scam based on Amazon to watch out for

And finally…

Tacky bespoke Rolls-Royces are all the rage among the stupid rich. Why?

Enjoy.

Transcript

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0:00.0	This is Money, brought to you in partnership with NS&I, looking after the nation's savings for over 150 years.
0:10.6	Welcome to This Is Money podcast in partnership with NS&I. I'm Georgie Frost.
0:15.1	And join me in the studio is editor Simon Lambert and deputy editor Adrian Lowry to round up the week's top stories they've
0:22.0	been covering on their award-winning website. So this was the week we found out Brexit. Well,
0:27.0	is still Brexit, just Parliament needs to say so. And it looks like we may finally get a plan as well.
0:32.4	Don't worry, we can still play our favourite game of blame Brexit. But I want to focus on one area
0:37.3	that we can't blame
0:38.8	Brexit for. Now, as the big banks continue to threaten to quit the city as a result of the vote
0:43.8	to leave, the number quitting our high streets continues apace. Over a thousand have disappeared
0:48.9	over the last two years, according to which, 321 from HSBC alone, or about a quarter of its network in that time.
0:57.4	And this week, we got the news of another 67 to go at HSBC, blaming a 40% fall in visit since 2012 on the rise in online banking.
1:07.7	But to be honest, do we actually have a choice?
1:09.8	But it's not just HSBC, Yorkshire Building
1:11.8	Society followed last week's announcement from Clydesdale and Yorkshire Bank brands that they plan
1:16.7	to close almost 88 branches between them, a threat to hundreds of jobs. What hope is there? Well,
1:22.7	don't despair in rides the post office to the rescue. A very good morning. Simon, a very good morning, Adrian.
1:30.6	To you, Adrian, first.
1:32.7	Why are banks culling their local branches still in such big numbers?
1:37.4	It's to save money, isn't it?
1:38.7	It's to cut costs.
1:40.1	And it's because people aren't using them as much anymore.
1:43.5	So it's a combination of things.
	...

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