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England loses eight bank branches a week since 2016

by July 10, 2025
July 10, 2025
Banks are reducing their appetite to fund small and medium-sized companies, according to brokers handling loan applications.

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.

This disconnect between the decline of traditional banking infrastructure and the continued rise of business activity suggests that founders are increasingly relying on online platforms and digital banking services to manage operations and access finance.

According to industry data from RFI Global, nearly two in five UK SMEs now use digital-only banking providers — a trend that is accelerating as more entrepreneurs prioritise speed, flexibility, and integrated financial tools over physical branch access.

With an estimated £550 billion in potential business savings across the SME market, digital platforms are increasingly appealing as they offer seamless onboarding, competitive returns, and quick access to capital and investment products like Money Market Funds.

Wander Rutgers, UK CEO of Lightyear, said the surge in business creation — despite the high street closures — is a clear sign of changing financial habits.

“That nearly 2 million new businesses have launched in England over the past nine years is a powerful reminder that entrepreneurial spirit is alive and thriving.

But it’s also telling that this surge has come alongside the mass closure of high street bank branches. The traditional banking system is struggling to keep pace with the speed, flexibility, and digital-first mindset that today’s businesses need.

Entrepreneurs are voting with their feet — and their funds — by turning to alternative platforms and products that are built for the way modern businesses manage and grow their money.”

As banks continue to rationalise their physical estate, digital finance providers may continue to capitalise, offering a lifeline to entrepreneurs in areas increasingly underserved by the traditional banking sector.

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England loses eight bank branches a week since 2016

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