In response to continuing bank branch closures the government and Financial Conduct Authority (FCA) have announced new measures to protect access to cash.

The FCA, which regulates the UK's finance industry, has been given new powers over banks and building societies to ensure that cash withdrawals and deposits are available for all communities.

Norfolk and Suffolk have seen a high number of bank branches close in recent years, particularly impacting rural areas.

Data published by consumer champion Which? in March this year revealed that the number of branches across the UK had declined from 9,807 in 2015 to 5,154 this year.

In East Anglia, Harwich and North Essex had the highest percentage of closures, losing 61.5pc of branches. This was followed by North Norfolk which has seen 59.1pc of branches close.

South West Norfolk, Central Suffolk and North Ipswich, and Suffolk Coastal have all seen a 50pc loss in branches.

The new powers given to the FCA aim to allow it to protect access to cash at both a national and local level.

To support the FCA, the government has announced that it will set out its expectations for a reasonable distance for people to travel when depositing and withdrawing cash.

John Glen MP, economics secretary, said that "millions of people across the UK still rely on cash" and that the government is "delivering on our promise to ensure that access to cash is protected in communities across the country."

He added: “I want to make sure that people are still able to use cash as part of their daily lives, and it’s crucial to ensure that no person nor community across the UK is left behind as we embrace a more digital world.”

To make it easier for consumers to access cash, the government has passed previous legislation that enabled the widespread adoption of cashback without a purchase as part of the Financial Services Act 2021.

The government also recently announced its intention to legislate to provide the Bank of England with the powers necessary to ensure the UK’s wholesale cash infrastructure, including the network of cash centres, remains effective, resilient, and sustainable.