Member News
By Nick Raynsford MP - 18th March 2011
Nick Raynsford MP voices his concerns about Nationwide's "shameful" decision to close all seven branches in south-east London.
I was shocked when I first found out that Nationwide Building Society is intending to shut down all its branches in my constituency by the end of May this year. I was even more shocked when I discovered that Nationwide has decided to close every single one of its branches in the whole of inner South East London - Blackheath, Greenwich, Woolwich (branches used by my constituents) and Lewisham, Catford, Peckham and Elephant and Castle.
What was most shocking, however, was the indifference shown by Nationwide to the concerns of its customers, who have been told that if they want to visit a branch, they will need to travel to one of the outer-London branches in Eltham, Bexleyheath or Bromley. This is because, whereas every branch inside the South Circular Road will shut, none of the branches in the leafy outer suburbs with be affected. The only branch to remain open in the entire SE postcode will be Eltham.
I am therefore very pleased that I have been given the opportunity of an adjournment debate this Friday, about the impact on access to financial services in South East London. Neighbouring Labour MPs Heidi Alexander (Lewisham East) and Joan Ruddock (Lewisham Deptford) have also confirmed that they will be joining me, and together we will be sending a strong message to Nationwide that its decision to turn its back on the whole of inner South East London is shameful.
Many of my constituents feel badly betrayed by Nationwide's closures, and I know from Heidi Alexander and Joan Ruddock that their constituents feel the same. How is a young mum with no car living in Woolwich, or a pensioner reliant on public transport living in Blackheath, be expected to get to Bromley to visit a branch?
How can a building society, with cooperative roots and a supposed commitment to mutual banking, effectively walk away from such a large part of our capital city – an area with a population of almost 670,000? The idea of there being no Nationwide branch in the whole of Manchester seems absurd, yet Nationwide is denying its branch services to an area with a population much greater than major cities such as Manchester or Sheffield. Nationwide’s current advertisement campaign which invites customers to visit a local branch simply adds insult to injury, and I look forward to putting my serious concerns on record today.
Nick Raynsfordhas been Labour MP for Greenwich and Woolwich since 1992.
Have your say...
Please enter your comments below.