Rachel Reeves has been told that her plan to mitigate against UK bank branch closures is "woefully inadequate". Banking hubs, shared spaces funded by high street banks and operated by Post Office staff, have been set up across the country to make up for the loss of in person services. They are usually open Monday to Friday and occasionally receive a visit from a representative from one of the banks.

But it has been highlighted that these alternatives, which the Chancellor has shown support for, usually only facilitate basic transactions, as many have neither printers nor ATMs. The Telegraph reports that approximately 16,000 UK bank branches have shut since the 1980s, but only 156 hubs have been opened. Martin Quinn, campaign director of Campaign for Cash, thinks the hubs were in theory a good idea, but the target to establish 350 is "woefully inadequate".

He said: "If we’ve lost nearly 6,300 [bank branches] in the last decade, how the hell is 350 going to plug the gap? This is really a drop in the ocean. If the banking industry were really serious they would be rolling out 10 a week."

The expert added that politicians are "patting each other on the back", but the approach is currently only a "sticking plaster". Mr Quinns believes the policy needs to be "turbo-charged".

Ms Reeves and then Treasury Minister Tulip Siddiq opened the 100th banking hub in Darwen, Lancashire, in December.

The Chancellor said at the time: "Reaching this milestone of 100 banking hubs is a huge step towards making sure that people across the country have access to essential face-to-face banking services.

"High streets are the beating heart of our communities but were neglected for too long under the previous government.

"We are revitalising our high streets with our target for 350 banking hubs, reforming business rates to make them fairer and clamping down on antisocial behaviour."

Caroline Abrahams, CBE, Age UK Charity Director, told the Express in March: "Age UK is calling for the protection of physical banking services for those who do not, or cannot bank online, and for the accelerated roll-out of shared Banking Hubs in areas where bank branches are fast withering away.

"We applaud the banks for coming together to set up shared Hubs, but it’s important that alternative services are set up speedily, especially in those areas with the greatest need.

"Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks such as withdrawing and depositing cash, applying for a loan, arranging third party access to their account or starting bereavement proceedings."