SHOULD something be done to stop banks closing their high street branches?

Labour believes action should be taken after a Consumers' Association report claimed 1,046 local UK bank branches pulled down the shutters for good between December 2015 and January 2017.

The latest raft of closures announced will see NatWest shutting banks in Langport and Wellington, while Lloyds also has plans to close scores of branches.

A future Labour government would create a law preventing banks closing branches to help rejuvenate the high street and protect local communities, the party has announced.

But the Conservatives reckon it would lead to soaring corporation tax and huge extra debt.

Labour believes the big four banks make so much profit that they can easily afford keeping branches open instead of cost cutting.

The party claims lending to small businesses drops by 63 per cent in areas where banks have closed, while deprived communities and households struggle to get even basic financial services.

Shadow Chancellor John McDonnell said: "High street bank closures have become an epidemic in the last few years, blighting our town centres, hurting particularly elderly and more vulnerable customers, and local small businesses whilst making healthy profits for themselves.

"It's time our banks recognise instead that they are a utility providing an essential public service.

"Only Labour will put in place the legal obligations needed to bring banks into line and stand up for our High Streets, communities and small businesses."

Conservative vice-chairman Stuart Andrew said: "Labour's plan for our High Streets would see corporation tax going back up to 28 per cent and £500 billion of extra debt - all under a Labour leader who said that we should not be afraid of debt or borrowing.

"Our support for high streets has seen town centre vacancy rates come back down since Labour were in government.

"Our support for small businesses has seen start-up loans to help people launch new businesses, which has already helped 40,000 smaller firms across the country."