Newsletters & Blogs

TSB branch closures – and in particular Bo’ness and Grangemouth

Every so often, there is a flurry of dismay as bank after bank reviews its local branch network and finds much of it unviable.

The Trustee Savings Bank was originally a mutual organisation and was jointly owned by those saving and borrowing. Its earliest principles: to encourage saving by ordinary people and overseen by trustees led to a much wider movement across the UK.

A significant change occurred in 1986 when the group was floated on the London Stock Exchange as part of Margaret Thatcher’s encouragement towards share ownership. In reality, the vast majority of ‘ordinary’ people who bought shares then sold them and it was then folded into the Lloyds Bank in 1995 who in turn sold it in 2009.

TSB failed to invest sufficiently in technology for a long time and had a major issue when it tried to migrate to a new platform after a further takeover by the Sabadell group in 2015. This was followed quickly by a further IT glitch in 2019.

It therefore has an urgent need to make savings and has led to plans to close many branches not just the one in Bo’ness.

This is not to provide an excuse for them – I have written numerous articles about how our entire financial system exists to serve the banks and government as businesses and not our society. For example: see recently https://www.independentview.org/post/financial-choices

I am reflecting on the fact that the branch network itself is an out-of-date concept. The vast majority of people use online banking with the exception of the elderly such as my Father who will be 87 in a few weeks.

What does he use his branch for? He pays a visit as he gets to have a social chat with the tellers. He sometimes withdraws money, but he is capable of doing that via a ‘hole-in-the-wall’. If he needs to speak with someone, he will often use the telephone.

In other words – he can use a local post office that will provide the same function. He also sometimes goes into town for a coffee.

Local businesses who trade mostly in cash will want to use a local branch to deposit funds safely – but then let us look at how even traditionally cash-based businesses such as a taxi company are now predominately using card payments. Do we imagine for a minute that post-Covid will see a return to cash in the same way?

It is too simple to simply deplore bank branch closures, ask for a meeting with the local public affairs representative as the likelihood is that the closure will take place regardless. This minimal action of course must be done – but we also need to consider the wider issues.

We need to look at CAUSE and not just EFFECT. The cause is that the current banking system is run as a business where profit is the primary driver with some limited attempts to meet the needs of consumers. The EFFECT is that as a result they seek to close branches.

Rather, we need to be looking at how we have passively accepted the fact that our society exists to serve banks. We have a chronic issue with our financial system in the UK and the City of London is now known as one of the world’s major money laundering locations. The withdrawal from the European Union ensures that regulation will become considerably weaker.

I previously wrote about how we should set up a Scottish retail bank based on mutual concepts – where it exists to serve both its savers and investors. We have to accept that regulation will still be undertaken by the weak bodies put in place by the UK Government – but doing nothing to support our societies, our local small business that are the backbone of our communities is no longer acceptable. This is exactly the sort of idea I want to promote for the benefit of Scotland in our national parliament.

We also need to reimagine our places – the old concept of the high street has changed. I will be writing further about this as I undergo my campaign for selection.

We are in the business of change. We need people who can help develop national strategic policies that will serve us now and into independence.

Firstly – please keep sharing this update to your contacts. Our inability to meet in large groups or via Zoom mean that it is vital we use social media as much as possible.  I NEED YOUR HELP TO DO THAT!

Secondly – thanks to those that have connected with me on Facebook.

What have I been up to?

I think I caused a bit of a stushie by writing my wee blog “The Truth about Hustings for Falkirk East” – if you haven’t seen it yet you can read it here:

https://michellethomson.scot/my-priorities

I understand that branches plan to hold ‘meet the candidate events’ as soon as a) all candidates known whether or not they have passed vetting (I was notified as having passed on 02/09/2020) and b) after 09/10/2020 when we will know if the NEC plan to place any other candidates in the constituency.

Therefore, between 10/10/2020 and 27/10/2020 there will be a slot for local branches.

I submitted my 350 words that will be sent out via the branch mailer to all members.

I can confirm that Falkirk East IS THE ONLY CONSTITUENCY IN WHICH I AM SEEKING SELECTION.

Last week I had meetings with members in Bo’ness, Blackness and several in Grangemouth.

I have to say I find them illuminating and humbling – I find the honesty of the local members is completely refreshing. I am getting clear sense of what your priorities are and what you are seeking from your MSP.

I shall also have to limit the chocolate biscuits – everyone I meet is of the impression that I must be fed with copious amounts of food – I understand a certain Martyn Day MP has set a precedent!

(The pizza in the Corbie Inn is magnificent though!).

I was the guest speaker of Independence Live hosted by Valerie Gauld and Marlene Halliday on their daytime show. You can hear what I have to say about Falkirk East and the rest here:

https://soundcloud.com/user-923360806/michelle-thomson-interviewed-on-indylive-radio

I also had a meeting with Dick Winchester. He is a member of the Scottish Government Energy Advisory Board and also writes for Energy Voice. We discussed INEOS and some of the challenges for the various businesses contained within the group. Decarbonisation of the site is of course important – but the question also needs to be asked to what extent it can genuinely move to more sustainable products.

The Internal Market Bill continues to cause huge concern – and thanks to SNP MPs Alison Thewliss and Neale Hanvey for highlighting that it could result fracking being authorised against the will of Scotland:

https://drillordrop.com/2020/09/17/internal-market-bill-risks-override-on-fracking-mps/

Thank you to the members of Tryst branch for your excellent questions – I understand my answers will be getting sent to you after 10/10/2020.

Finally – please advise me if there is any group that I should be a member on social media.

Despite CA office-bearers best efforts, sometimes confusion in messages can occur. I therefore it would be useful for members in Tryst, Grangemouth, Bo’ness and Braes to be clear that this is absolutely not true.  

 SNP HQ has set out the process that should be followed. The process sets out the obligations on candidates and constituency associations.

What is true?

• The hustings must be online.
• There must be a minimum of one meeting organised by the constituency association.
• This meeting must take place between Tuesday 27 October 2020 and Monday 02 November 2020.

However, there is nothing at all to stop local branches organising their own (online) ‘meet the candidate’ events.

Let us remind ourselves of the value of hustings. The definition is simply “a meeting at which candidates in an election address potential voters”. That is the meaning – but what is the value? The value is that you learn a great deal about a prospective candidate that you cannot glean in other ways such as written text.

There is quite simply nothing better than seeing ‘the cut of their jib’.

You fundamentally get a sense of the following:

• To what extent does the candidate motivate and inspire you?
• How experienced are they?
• How knowledgeable are they?
• How do they respond when they do not know – do they pretend to know or are they honest?
• Their communication style: - Is it dry and factual? Do they use analogies to illustrate a point? Are the analogies meaningful to you? Do they have a sense of humour?
• How prepared are they – in other words have they taken that basic courtesy of learning about what matters to you?
• And perhaps the most important of all – could you trust them to speak for you?

I am a strong believer in the power of local democracy. Our branches MUST have the chance to meet their candidates. I understand that it will take some organisation to support local members who are less comfortable with technology – but this is what must be done if we are to hear the voices of local branch members.

I have no concerns about the time this will involve for me and consider it a fundamental matter of respect for you.  

I will today be writing to all the branch convenors to indicate my willingness to address a branch meeting. I, of course, understand that this courtesy will be extended to all other candidates – and rightly so.