In its manifesto launched today, the Labour Party suggested that new regulation will be put in place to block branch closures if it wins the general election

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The manifesto stated that “Labour will change the law so that banks can’t close a branch where there is a clear local need”.

Other plans for the UK financial sector include a consultation of breaking up the publicly–owned Royal Bank of Scotland (RBS) into new local public banks.

Ring-fencing between investment and retail banking is also supported to protect consumers.

Following examples in Germany and Nordic countries, the party also hopes to launch a National Investment Bank that will deliver £250bn of lending power.

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The manifesto said: “This new public institution will support a network of regional development banks that, unlike giant City of London firms, will be dedicated to supporting inclusive growth in their communities. The banks will deliver the finance that our small businesses, co-operatives and innovative projects need across the whole country.

“The National Investment Bank will fill existing gaps in lending by private banks, particularly to small businesses, and by providing patient, long-term finance to 5 D-intensive investments.”