Community Bank of Wales

In his 2018 Labour Leadership Manifesto ‘21st Century Socialism’ the First Minister proposed the establishment of a new ‘Community Bank of Wales’, owned by its members, on a one-member-one-vote basis, to ensure banking services are available across the country, including rural areas.

Traditional banks are retreating from communities across Wales at an increasing rate, which is leaving a serious gap in services for localities, especially for small business needing short-term loans or overdrafts to help them survive and thrive, and citizens looking to access cash and banking services. The negative impact of the high street banks deserting our communities is being felt across the board but particularly in Rural Wales and by the most vulnerable groups in today’s society.

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