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Thinking of joining a co-working space? Four ways to make the most of it The four-day week won't happen overnight but it could transform life & work National Minimum Wage welcomed as positive for businesses and workers Why Brits can no longer bank on banks
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Thinking of joining a co‑working space? Here are four ways to make the most of it
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Co-working spaces have become a familiar part of the working landscape. A convenient alternative to working from home or an employer’s office, they have become the favoured option of millions of the world’s freelancers, entrepreneurs and remote workers. In the UK, there are over 4,000 co-working venues to choose from. Prices vary, depending on location and facilities, but with a dedicated desk costing around £200 per month, it’s worth knowing how to make the most of what these spaces offer. So how do you choose the right co-working space for you? And how do you get the maximum benefit? Here are four practical tips to consider: 1. Identify your needs Not all co-working spaces serve the same purpose. Some people are simply looking for a quiet desk outside the home, while others want a social environment where they can meet people, exchange ideas and build connections. Being clear about what you want, whether it’s productivity, networking opportunities or skill development, is the first step. Smaller, independently run spaces often place greater emphasis on community building, with managers who organise regular informal events such as “lunch and learn” sessions or workshops. These environments can create more opportunities for social interaction and learning. By contrast, larger corporate-style spaces may offer more polished facilities and business services, but with fewer opportunities for facilitated interaction. Choosing the right co-working environment means considering the type of space and how you plan to use it. 2. Give it a try Co-working spaces are often advertised as being open and inclusive. But research I worked on with colleagues shows that experiences can vary depending on factors such as age, gender or professional background. Some spaces will probably feel more welcoming than others, particularly ones where equality, diversity and inclusion are a deliberate part of their design and ethos. Many spaces are now also set up with specific groups in mind. For example, some cater to female entrepreneurs, while others offer tailored support for neurodivergent workers. Before committing, it’s worth visiting a space, attending an event, or trying a short term pass (for a couple of days or a week) to see whether it feels like a good fit. 3. It’s more than a desk It’s easy to treat co-working spaces as simply a place to work. But research suggests much of its value lies in the connections, community and everyday interactions it makes possible. Casual conversations in the kitchen or spontaneous exchanges over lunch can help build communication skills, expand professional networks, and spark new collaborations. Evidence suggests that these benefits tend to be particularly strong for those who are newer to a city, earlier in their careers, or working independently. They may have have less established local networks or fewer everyday opportunities for office-based interaction, making them more likely to seek out social connections within co-working spaces. If you only show up, put your headphones while you work and then leave, you may miss out on some of the main advantages of co-working – the opportunity to connect with others and become part of a community. Making the most of these spaces often means being willing to take that first step, engage with others and gradually find your own circle. 4. Take advantage If your work involves specialised tools, digital technology or continuous skill development, you may need more than just WiFi and coffee from a co-working space. Many now offer access to specialist software and cutting-edge equipment, such as 3D printers or virtual reality devices, which can be costly or difficult to access by yourself. Some go a step further and organise workshops and training sessions, or even events that reflect the latest developments in a particular field. These resources can be particularly valuable for independent workers, including freelancers and the self-employed, who may not have access to structured on-the-job training through an employer. Using them can help you build practical, up-to-date technical and digital skills, especially as new technologies and AI continue to reshape the skills demanded in many industries. So, don’t overlook what’s on offer. Making use of these opportunities can help you stay adaptable, keep learning and be better prepared for what comes next. Overall, co-working spaces can offer valuable opportunities to learn new skills, build networks and adapt to changing ways of working. But these benefits are neither automatic or the same for everyone. Getting the most out of co-working often depends on how you use the space and whether it matches your needs. At its best, co-working is not just about renting a desk, but about finding an environment where you can connect, learn and grow.
Clive Roland Boddy Deputy Head, School of Management, Anglia Ruskin University
A century ago, the five-day working week helped reshape society. It was introduced at scale by industrial pioneers to address not only worker wellbeing but also economic pressures. US industrialist Henry Ford was among the first to give workers two full days off per week. Ford suspected that giving workers a “weekend” would increase overall productivity – and he was correct. Today, as advances in artificial intelligence accelerate and concerns about job security grow, a similar question is emerging. Could reducing working time again help societies adapt to these seismic changes? The evidence increasingly suggests it can, but not in the simplistic way that is often portrayed. The four-day week is not just a workplace benefit. It is a potential tool to improve wellbeing, support families and rethink how work is distributed in society. Research across multiple countries, including large-scale pilots in the UK and Portugal, shows that reducing working time can deliver meaningful benefits for both employees and organisations. In a 2025 study of four-day week adoption, my colleagues and I found improvements in sleep, exercise and quality of working life. There were positive implications for both the mental and physical health of employees. Our research showed productivity at work can also increase, alongside reductions in absenteeism and staff turnover. And it can be beneficial for an employer’s social image. However, the most important insight is not about productivity but what happens outside work. After all, time is a social resource, not just an economic one. When people move to a four-day week, they do not simply rest more. They reallocate time in ways that have broader implications for society. Across our research, participants said they spend more time with family and friends, engaging in community activities and investing in their physical and mental health by exercising and practising hobbies and self-care activities. These are not trivial changes. Over time, they contribute to stronger social ties, better mental health and more resilient communities. There are also important gender implications. Early findings suggest that reduced working time can lead to fathers being more involved in caring for their children and other domestic responsibilities. While this does not automatically solve gender inequality, it creates conditions that make more equal divisions of labour possible. In this sense, the four-day week is not just about work. It is about how societies organise care, relationships and everyday life. The challenge in service sectors Critics of a four-day week often point out that it is harder to implement in service sectors such as healthcare, childcare, manufacturing, hospitality or retail. This is true, but it is not a reason to dismiss the idea. In these sectors, work is tied to time, presence and staffing levels. Reducing working hours often requires more complex redesign, including changes to rotas, additional hiring or upfront investment. Colleagues and I have highlighted this when addressing the UK case of the NHS. But these challenges should be seen as design problems, not impossibilities. In fact, the potential benefits to society may be even greater in these sectors. Improved wellbeing and reduced burnout among healthcare staff and care workers can translate into better quality of service and fewer mistakes. A more important concern is inequality. If working time reductions are adopted unevenly, there is a risk that some workers will be excluded – often those in lower-paid or frontline roles. This is a valid concern, but not an argument against the four-day week. Rather, it is an argument for implementing it more thoughtfully. Instead of asking whether all jobs can adopt the same model, the focus should be on how different forms of reduced work time can be adapted across sectors. This could include shorter daily hours, staggered schedules or phased time reductions. The future of work The renewed interest in reducing the amount of time we spend working is not happening in isolation. It is closely linked to broader debates about automation, productivity and the future of work. If technological advances continue to increase productivity, a fundamental question arises: who benefits from these gains? Historically – during the Great Depression, for example – working time reductions have been one way of redistributing those benefits. Compared with more radical proposals such as universal basic income, the four-day week offers a more direct and socially embedded way of sharing gains in productivity. The four-day week is not a universal solution, and it will not look the same everywhere. But the evidence shows working less can go hand-in-hand with maintaining productivity. It can also support a shift towards a society where time is valued not only as an economic input, but as a foundation for wellbeing, relationships and participation in community life. A century after the five-day week helped define modern work, there may be another turning point on the horizon. This time, the real question is not whether we can afford to reduce working time, but whether we can afford not to.
The four‑day week won’t happen overnight, but it could transform how we live and work
Rita Fontinha Associate Professor of International Business and Strategy, Henley Business School, University of Reading
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Have you ever heard the word compoface? It’s a term that people on the internet coined to describe those news article photos of people glumly staring into the camera after suffering some sort of grievance or other – usually at the hands of an authority like the council or police. There they stand, frowning (the “face” part) with folded arms or clutching a fine like it’s a last-place school swimming certificate, secretly happy with the financial reward (the “compo”) they’ve received from the local rag for their story. And the best part is, whatever happened is usually the compoface-people’s fault anyway. With space to fill and advertisers to attract, one of the classic go-to tabloid compoface stories is when parents take their children out of school during term time to go on holiday. You see Steve, Stacey and little Saskia from Slough stare deep into your soul with a story about a £160 penalty for their spring sojourn to Sydney. And to be fair, if you’re spending upwards of £2,000, what’s £160? But unlike Steve and Stacey, most people aren’t so willing (or can’t afford) to take their children away from their valuable learning time – let alone appear in a dignity-draining press shot for a quick buck. It means that those parents need to use their leave during school holidays, which can become a problem. Not just for them, but also for their employers. No doubt you can relate to that – especially right now. Risk For small business owners, these long summer breaks often mean making some head-scratchingly difficult staffing decisions. You have a job to do, targets to hit and money to make, yet everyone has their various legal rights to leave of absences and personal obligations to fulfil. You and your management team have to navigate it all while staying compliant and keeping staff morale high. Not easy. And the smaller the business, the less likely there is to be a dedicated in-house HR expert – which increases risk. So, you’d think that huge organisations with thousands of staff – including legal experts – would be safe, right? Not if we look the case of Sylwia Gwiazda, a Royal Mail postal worker from the Nottingham area. Claim A few years ago, she asked her line manager if she could take two weeks’ unpaid parental leave so that she could extend a trip to Poland. The response was a firm “no.” The line manager protested that the team was far too busy to lose another head for a short time, and that it meant they’d have more than six people on leave at once, leaving them far more understaffed than usual. You may be thinking that so far, that sounds pretty reasonable. If there are clear policies in place and everyone knows that no more than six people can be off at once, then the manager was right to give that reply. But here’s where the slip-up happened. As Gwiazda had the right to take unpaid parental leave – and her employer had the right to deny it under such circumstances – the law states that Royal Mail needed to offer her alternative dates instead. That should have taken them no more than seven days. But instead? It came a staggering 38 days later. Under the Maternity and Parental Leave Regulations 1999, Royal Mail “lost the right” to postpone Gwiazda’s leave request, and the tribunal awarded her £3,700.77. If you’ve ever worked for a similar giant organisation before, you’ll know how slow and lumbering they can be to make such decisions and take action. But you can guarantee that they have experts in-house who know about the fine details like that seven-day turnaround. Meanwhile, at SMEs without an HR expert? That’s far less likely. Flex It’s just one example that shows how school holidays are a challenge and it’s easy to make a mistake. We also want to avoid causing misunderstandings and frustrations with staff. But what can we do about it? Readers of a certain vintage may remember a TV ad about “your flexible friend” (for the now-discontinued Access credit card, in case you’re racking your brains). Today, we can apply that phrase to flexible working. It’s 2026, so a lot of people now expect there to be some level of flexibility with work. It’s not possible everywhere, of course, but we have to accept that these are the times we live in. And it just might be the best way to overcome your holiday headaches. You could offer options that suit your organisation, like compressed hours, where staff work longer Monday to Thursday so that Friday becomes an official non-working day, for example. Less-strict start and finish times can help parents manage childcare easier, or you could offer remote work – especially useful for those not fortunate enough to have the funds for daycare or grandparents who could help out. In fact, flexible work doesn’t just help your people. It’s great for your business, too. The boost to morale and work-life balance tends to lead to both greater productivity and staff retention rates. And according to a 2025 survey by HR insights platform, New Possible, “flexible hours (75%), remote work (62%), and extra holiday (48%) top the list of benefits that employee’s value most.” So, if you’re one of those old-school-9-to-5-unpaid-extra-hours kind of bosses, think on. But remember, not everyone is the same. Some people might work better on site and need to escape the noise and drama that might be at home. That’s okay, just be flexible. Best Yet there’s being accommodating, and there’s being a doormat. So, we’ll wrap up with a reminder of some best practices to follow. Make sure your policies and procedures are up to date and watertight. Get everything in writing and be strict about it, like the maximum number of people who can be off at once, how much notice they need to give, which times of year have non-negotiable attendance, and so on. Use software or a shared calendar and be fair. Don’t always prioritise parents’ leave over those without children. Everyone is equal and your written processes should reflect that. Above all, encourage annual leave. Humans are not robots with an endless supply or energy. A happy, engaged and well-rested team (both physically and mentally) is worth more to a company than many employers realise. Then, if one of your staff does one day appear in a news story, they should be wearing a smile from ear to ear – and not the dreaded compoface.
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The National Minimum Wage is a positive force for both employees and employers and sets the foundation for loyalty around recruitment and retention according to Ashlea Fisher, founder IRecruit4. April will see the National Minimum Wage rise by 4.1 per cent from £12.21 per hour to £12.71. For some employers that uplift, spread across many employees, is a big commitment. “The National Minimum Wage sets an important baseline that ensures people are paid fairly for the work they do,” said Ashlea Fisher, founder of IRecruit4. “When employees feel valued financially, it has a clear impact on their motivation and how they engage with their role on a day-to-day basis. For those looking to recruit permanent staff it sets the tone for loyalty and trust which can grow and develop over years.” Businesses are being encouraged to view the changes not as a challenge, but as an opportunity to improve staff retention, productivity and positive workplace culture. “Good employers pay a higher hourly rate anyway to get the best most committed candidates,” she said. “Some subscribe to the Living Wage which sits currently at £13.45 per hour which can make roles more attractive in a competitive labour market. Employers who align with or exceed wage expectations are often better positioned to attract high-quality candidates and reduce staff turnover, which in turn lowers recruitment and training costs.” Ashlea added that businesses who embrace the upcoming changes will see tangible benefits even when recruiting temporary staff. “We work with employers who might initially worry about rising wage costs, but many find that investing in their people leads to better retention and a more committed workforce. In the long term, that stability can be far more valuable than short-term savings.” The National Minimum Wage also contributes to wider economic stability by increasing spending power among workers, which supports local businesses and communities. For sectors that rely heavily on frontline and temporary staff, such as logistics, manufacturing and hospitality, this can have a positive ripple effect across supply chains. In addition, clear wage standards help to promote fairness and transparency within organisations, creating a more level playing field and improving employer reputation. “The conversation around pay is evolving,” said Ashlea. “Candidates today are not just looking for any job, they are looking for employers who respect their time, skills and contribution. A strong approach to fair pay is a clear signal of that recognition.”
National Minimum Wage welcomed as positive for businesses and workers
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Ionix’s sensing system receives King’s Award for Enterprise: Innovation
Ionix Advanced Technologies Ltd, the UK-based, global leader in extreme-environment piezoelectric sensing, measurement and monitoring technology today announced it has been honoured with His Majesty The King's Award for Enterprise: Innovation 2026, the United Kingdom's highest official business accolade. The Award recognises Ionix's development of the HotSense sensor platform and proprietary HPZ high-performance piezoelectric materials, which together enable continuous, real-time ultrasonic sensing, measurements and monitoring at temperatures from -200 to +600°C at high pressures and in explosive and radioactive atmospheres, where conventional sensor technologies are defeated. "Receiving the King's Award for Enterprise is a defining moment for everyone at Ionix. This recognition reflects years of advanced materials research, relentless engineering, and a clear commercial conviction to improve the resilience and operational efficiency of the world's critical infrastructure with functional materials sensing technology. We are proud to receive this honour as we continue to expand HotSense deployments across energy, petrochemical and industrial sectors globally." — Tim Stevenson, Chief Executive Officer. The Innovation: HotSense and HPZ technology Unlike conventional measurement and inspection methods that require plant shutdowns, access to scaffolding, or temporary instrumentation, HotSense sensors operate continuously in-service. Deployed by remotely operated or robotic platforms, by hand, or fixed point installation, HotSense delivers real-time process control or structural health data, enabling on-stream process optimisation & operational efficiency, and increased resilience to ageing plant with extended asset life and reduced unplanned outages, respectively. The sensing technology is strategically positioned for rapid integration with mature OEM products, making HotSense an embedded choice for both system providers and end users, deployed globally across the oil and gas, power generation, and industrial process sectors, with leading instrumentation providers and plant operators. Converting electrical impulses to mechanical movement or sound, and vice versa, piezoelectric materials are found in a wide variety of applications including medical ultrasound, naval SONAR, and parking sensors. Ionix’s HPZ piezoelectric ceramic is a novel material designed to maintain electro-mechanical performance under extreme conditions. The patented HPZ material powers the Ionix HotSense platform for reliable, continuous ultrasonic sensing applications, including corrosion monitoring, level sensing, gas flow metering, and crack detection in harsh environments. Ionix's innovative HPZ materials have additionally been adopted by major industrial measurement and control providers requiring high-performance piezoelectric components for specialist applications, establishing Ionix as a critical materials supplier alongside its sensor systems business. Alongside HotSense, Ionix has recently launched TRND, an intelligent monitoring system which extends the platform into a turn-key precision corrosion and erosion monitoring solution, broadening the company’s addressable market. Ionix has also developed the XLF family of lead-free piezoelectric materials, further expanding the technology portfolio, to meet tightening global regulations while enabling OEM adoption in markets where conventional lead-based materials are restricted. Together, HPZ, HotSense, TRND, and XLF represent proprietary, high-performance technology platforms addressing multiple industrial monitoring, measurement and sensing requirements. How the King’s Award will drive future innovation. Ionix’s recognition with The King’s Award for Enterprise for Innovation, marks a significant milestone in the journey from materials spin-out of the University of Leeds in 2011. It celebrates the Company values, dedication to innovation and the hard work of the entire team. As Ionix continues to grow and strengthen its influence in global markets, it remains committed to fostering innovation at home, in West Yorkshire. Our team, drawn from local talent with global ambition, is dedicated to developing technologies that make extreme environments safer, smarter, and intelligent. This commitment is demonstrated by the recent inauguration of our centre of excellence for extreme environment sensing and the ongoing expansion of our advanced materials manufacturing facilities in Leeds, providing opportunities for new innovation, skills and supply chain in the region and nationally. During her recent visit, Chancellor Rachel Reeves remarked, “Businesses like Ionix showcase the great potential that Britain has to lead in sectors such as advanced manufacturing”.
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HI Technology & Innovation finds AI is delivering meaningful productivity gains in UK engineering teams, around 20% on average where measured, but that 83% of businesses are tracking no quantitative metrics at all, leaving most leaders unable to tell where AI is genuinely working and where it is not. CTOs and engineering managers across the UK are likely overstating the productivity gains being delivered by AI coding tools, according to a new report from technology advisory firm HI Technology & Innovation. The study, based on interviews with more than 100 CTOs, CISOs, VPs of Engineering and senior engineers, finds that AI is producing real and measurable improvements in engineering productivity. However, companies which actually track those improvements consistently report more conservative gains than those operating on impression alone, suggesting that leadership confidence in AI is, for many organisations, running ahead of the evidence. Measured productivity gains attributed to AI coding tools sit at around 20% on average across the firms that quantify them, with some teams reporting concrete wins such as project timelines halved and sprint output up 20% to 25% after adopting modern coding assistants. The report makes clear these are real gains worth pursuing. The challenge is that, in the absence of measurement, perceived gains tend to drift higher than the figures organisations would actually arrive at if they tracked them. This is likely because engineers feel much faster with AI than they truly are and may find that their mental burden is lower when using it. In reality, code rewrite rates can creep up and engineers can spend more time on reviews and rearchitecting poorly designed code, something which qualitative feedback and positive bias can obfuscate. That gap matters because investment is already large and accelerating. 91% of businesses are now investing in AI tools within engineering, yet only 22% have a formal documented AI strategy and 83% are not tracking any metrics to quantify AI’s impact. Without that data, leaders cannot reliably tell which parts of the software development lifecycle AI is genuinely accelerating, where it is quietly creating rework, or which teams and use cases deserve more (or less) investment. The result is one of the largest line items in engineering budgets being managed on anecdote rather than evidence. “AI is producing genuine productivity gains in UK engineering teams, the data on that is clear. But the gains people feel are often larger than the gains they would actually find if they measured them. The leaders who will get the most out of AI over the next 12 months are the ones who measure what is happening in their teams and then double down where the evidence is strongest, not the ones with the most tools or most extreme adoption.” Mike Daniel, HI Technology & Innovation Why this matters now AI is firmly established in UK software engineering. The question for technology leaders in 2026 is no longer whether to invest, but how to invest well. The report argues that strategy and measurement are what separate organisations that are already capturing AI’s gains from those that are spending without a clear picture of return. The companies which pair their AI investment with a written strategy and a small number of trustworthy productivity and quality metrics are best placed to direct AI where it delivers most, accelerate teams that are already winning with it, and avoid expanding it into areas where the evidence does not yet support it. Key findings AI is delivering real gains, around 20% when measured. Firms tracking AI’s effect on engineering productivity report meaningful improvements on average, with some seeing project timelines and sprint cycles materially reduced. Most leaders are flying blind. 83% of UK businesses are not tracking any metrics to measure AI’s impact on engineering productivity. Measured gains are smaller than perceived ones. Companies that measure AI effectiveness consistently report more conservative velocity gains than those that do not, suggesting that unmeasured estimates tend to overstate AI’s impact. Strategy is the missing ingredient. 91% of businesses are investing in AI tools, but only 22% have a formal documented AI strategy for engineering. Depth beats breadth. Teams that focus AI on coding and debugging report roughly twice the velocity gain of teams that spread AI across four or more stages of the software development lifecycle. Quality is the most cited concern. Only 57% of engineering leaders are pleased by AI output quality. However, 79% report no increase in time spent on code review, quality assurance or testing despite the surge in AI-generated code volume. Shadow AI fills the strategy gap. Around half of engineers (52%) use AI tools even when their employer has not formally invested in them, raising IP, security and compliance risk. The implication for technology leaders The report concludes that AI is producing real value in UK engineering teams, and that this value is likely to compound over the next 12 months for the organisations best set up to capture it. Practically, that means defining a written AI strategy, instrumenting a small number of trustworthy productivity and quality metrics, and using those metrics to decide where to expand AI use and where to refine it. The opportunity is not to dial AI back, but to find the parts of the engineering process where its impact is clearest and invest there with confidence. About the report AI in Software Engineering: Making Sense of the Noise synthesises insights from more than 100 interviews with CTOs, CISOs, VPs of Engineering and senior engineers, alongside published academic and industry research. It is intended as a guiding resource for technology leaders defining, deploying and measuring AI within their engineering organisations. Download the report free here.
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Individuals and SMEs cannot bank on High Street banks being there in the future, warns the home delivery expert Parcelhero. A total of 52 branch closures are slated for this month alone, meaning the Government’s newly launched ‘Access to Banking Services’ review is urgently needed. However, Parcelhero fears Britain’s town centre banks have become another High Street sector threatened with near-extinction because of the growth of internet services. Parcelhero’s Head of Consumer Research, David Jinks M.I.L.T., says: ‘The threat to in-person banking is escalating by the week. Lloyds, Halifax and Bank of Scotland – all part of the Lloyds Banking Group – are set to shut at least 168 bank branches by the end of next year. ‘Meanwhile, 52 bank branches across a variety of banking groups will close this month alone. Santander will shutter 27 locations (the most branches in May), while NatWest will close down 15, Lloyds Bank eight and Halifax two. ‘In the light of this rapid decline, the Government has pledged to look into the continuing reduction of in-person banking and its new “Access to Banking Services” review was launched last week. Shockingly, the review acknowledges that “there are currently no existing protections for the provision of access to in-person banking services.” ‘The review will look at the state of banking through what it calls a “customer needs lens”. It will primarily focus on individuals using retail banking services, but will also include organisations such as small businesses, non-profit and community groups. However, the review is not set to conclude until October, and that could be too late given the current haemorrhaging of local banking facilities. ‘Parcelhero has long been concerned about the impact of bank branch closures on small businesses and individuals. In 2016, we published our influential report “2030: The Death of the High Street”. It predicted the closure of 100,000 stores by 2030, a finding discussed in Parliament. The report warned that without adapting to an omnichannel approach, the rise of e-commerce would decimate traditional retail, turning town centres into “ghost towns”. ‘In that report we noted: “9,000 bank and building society branches have been closed between 1989 and 2016 – and more closures are on their way.” Unfortunately, we weren’t wrong. ‘Now our sequel report, “2030: The High Street Fights Back?” has been released. A decade on from the first report, it reveals around 6,660 bank branches closed between 2016 and 2025, creating 41 “banking deserts” – areas where at least one branch shut for every 10,000 residents. Barclays was the individual bank that reduced its network the most, with 1,236 branches closing. Of banking groups, NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, topped the list, closing 1,536 branches. Following close behind, Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut down 1,470 sites since our first report. ‘Our new study also warns that the carnage hasn’t ended. Entire banking chains are set to vanish from our town centres. TSB could be one of the first to go. Santander took over TSB from Sabadell at the beginning of this month and it’s likely Santander will integrate TSB into the Santander UK group, phasing out the TSB brand. ‘The Co-operative Bank is also set to disappear from our High Streets. The Coventry Building Society has acquired The Co-operative Bank. Although the Co-op brand will be retained “for the time being”, it is expected to be phased out in time. ‘Virgin Money is another major banking name set to quit the High Street. In 2024 it became part of the Nationwide group and this April, following court approval, Virgin Money’s business transferred to the Nationwide Building Society. The Virgin Money brand is expected to disappear as it is integrated into Nationwide. It’s also being reported that even the Halifax brand may be dropped by the Lloyds Banking Group under new plans, bringing to an end its 173-year presence on the High Street. ‘Some High Street bank branches have at least been granted a stay of execution, however. While Santander and Lloyds continue to close branches, the public and political backlash has now forced some banks to pause closures to maintain customer trust. Barclays has pledged not to close any more branches through 2026, while Nationwide has promised to keep all its locations open until at least 2030, including Virgin Money stores. ‘There are also moves by some local shops and even libraries to incorporate banking services of some kind. That’s on top of the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament, discussed in the Government’s “Access to Banking Services” review. However, there is no denying the fact that, since our first report’s publication, the run on our banks has become a sprint. Of course, banks are just one of the sectors under severe threat from the ongoing demise of our town centres. The High Street may not have reached a dead end by 2030 but, in this new age of retail, it will have arrived at its biggest crossroads. Read the report here.
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