New data reveals Scottish high streets have lost 42% of banks in last 10 years

15/03/2024

NEW research has revealed that Scotland has lost 42% of its high street banks over the last 10 years.

The research comes from the team at Money.co.uk Business, who looked at how the UK is adapting to a digital-first economy and how this affects businesses and individuals.

The number of banks and building societies declining by region: 

Bank & building society branches
RankRegion20132023Difference
1South West1,170615-47%
2Yorkshire and The Humber1005555-45%
3North West1,430805-44%
4London2,1201,210-43%
5Scotland1,160670-42%
6South East1,700995-41%
6East1090645-41%
8East Midlands815495-39%
9West Midlands1065655-38%
9Wales675420-38%
11North East445290-35%
12Northern Ireland375315-16%

The South West has seen the most significant loss of branches, dropping by nearly half. 

Northern Ireland saw the lowest impact, with only a 16% decrease, from 375 to 315.

The number of banks and building societies declining in the UK: 

YearBanksBuilding societiesTotal
201311,3351,72513,060
201410,9601,68512,645
201510,7451,93012,675
201610,3401,97512,315
20179,6901,98511,675
20189,0901,97511,065
20198,5251,88010,405
20207,6751,8809,555
20216,9651,8408,805
20226,3051,7558,060
20235,7451,9257,670

The total number of both decreased from 16,955 in 2010 to 7,670 in 2023. There has been a consistent decline in the number of banks and building societies in the UK over the last 13 years. 

The number of banks fell from 14,855 in 2010 to 5,745 in 2023, banks have seen a steeper decline than building societiespossibly due to consolidations, closures, and the rise of digital banking solutions requiring fewer physical branches.

The full report is available to download here.

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