England has lost an average of eight bank branches per week over the past eight years, according to new analysis from investment platform Lightyear, which reveals more than 3,700 branches have shut since 2016.
Despite this dramatic shrinkage in the UK’s high street banking network, the data suggests entrepreneurial activity remains robust – with over two million new businesses launched between 2017 and 2023, far outpacing the 1.2 million business closures over the same period.
The findings point to a significant shift in how UK businesses manage their finances, with many turning away from traditional high street banks and embracing digital-first financial platforms instead.
Lightyear’s research highlights the emergence of 41 so-called ‘banking deserts’ in England — local authority areas where at least one bank branch has closed for every 10,000 residents.
Top of the list is Westminster, which has seen 80 branch closures since 2016 — the equivalent of 3.5 for every 10,000 residents. Elsewhere, Westmorland and Furness saw 2.5 closures per 10,000 people, and Derbyshire Dales 2 per 10,000.
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