Last week saw the welcome news that a long-awaited Community Banking Hub in Axminster is moving closer to reality. I have been outspoken about this in Parliament so I am delighted that a site has now been secured – that of the old Lloyds Bank branch.

When Axminster saw its one remaining bank close last November, it was a blow for the town and for surrounding villages. Being able to access banking services locally is necessary - not only for older people living in and around the town who don’t use online banking - but also for the small businesses that make up the backbone of our high streets.

In recent years we’ve seen almost all the so-called 'High Street banks' abandoning our communities. This has left many of us unable to access a full range of banking services unless we undertake a journey of 30 minutes or more. These days, it would be easier to talk about bank ‘twigs’ than bank 'branches', so feeble is their presence in town centres across the country.

Earlier this year, Barclays reported that it had paid out £1.8bn in bonuses and NatWest profits increased by a third to £5.1bn. Banks need to be reminded that they have a duty not only to City bankers and shareholders, but also to our local communities. The cutting back of in-person services while they continue to rake in billions is not right.

Everyone should have access to a full range of banking services where they live. Some services are accessible through Post Office counters and via mobile banking centres, but this is not like-for-like replacement for a full local branch. I recall the widower who – when his wife died - described the importance of visiting his bank manager to sort out his late wife’s financial affairs. The importance of in-person contact for older and vulnerable people should not be underestimated.

Banking Hubs will bring together several major banks under one roof to ensure everyone can access a full range of services where they live. Plans for a banking hub in Sidmouth are supposedly being drawn up – but not soon enough.

The Government has been talking in recent weeks about a legal responsibility on the banks not to ‘de-bank’ individuals. What about the Government requiring banks not to de-bank whole communities?