Ministers are calling on the government to protect face-to-face banking services in the county

Britain’s largest banks have been criticised by MPs over the ‘decimation’ of rural services, which is leaving communities in areas such as Devon without adequate provision.

South Devon Liberal Democrat MP Caroline Voaden led a Westminster Hall debate centred on face-to-face banking services in rural communities.

“While big banks make billions in profits they close branches with impunity,” she said. “They are turning their backs on customers and leaving small businesses struggling.”

Last year, she said, Lloyds posted £6.7bn in profit, which she described as an ‘incredible’ sum, meaning the bank had ample resources to sustain rural banking services.

“Nobody needs to be making £6.7bn of profit a year,” she added.

Fellow Devon MPs also contributed to the debate, with Exmouth and Exeter East Conservative MP David Reed noting that every major bank had departed Budleigh Salterton, leaving the town and its summer visitors with no means of accessing cash beyond a machine at Tesco.

Ms Voaden said that 64 per cent of all bank and building society branches that were open in January 2015 have since shut their doors, and across the 450 square miles of the South Devon constituency just a single bank branch remained.

“It is simply outrageous that banks have been able to get away with this,” she said.

“Face-to-face banking is essential for millions of people and thousands of small businesses. The rapid and ruthless shift towards online banking is potentially disenfranchising millions of people.”

Statistics reveal that 86 per cent of people in rural areas have witnessed their nearest bank branch shut its doors, with no alternative bank to switch to. Travelling to a bank via public transport can be a ‘major mission’ taking up to half a day.

“We are facing a perfect storm of decimated public transport, appalling digital connectivity and closure of banking services,” said Ms Voaden. “Those three make a toxic combination.”

The South Devon MP called for the criteria for opening a town banking ‘hub’ to be broadened, adding: “Having a bank account and being able to access a range of banking services are a necessity in modern society, not a luxury.

“The government must rebalance things in favour of our high streets and communities and put an end to the favourable treatment for big banks.

“Enough now – it is time that the government took action to protect and restore face-to-face banking services across rural areas.”

Tiverton and Minehead’s Liberal Democrat MP Rachel Gilmour said her constituency spans 1,250 square miles and has a predominantly elderly population.

Should a constituent need to visit a bank in Taunton, she added, the round trip by bus takes five hours.

Richard Foord, the Liberal Democrat MP for Honiton and Sidmouth, described the loss of local branches as ‘an appalling bank heist’, adding: “It is not a vault being raided, and it is not cash being snatched. It is the very banking services that support our most vulnerable being taken away.

“Lloyds closed 218 branches across the country last year, including in Seaton, and will close 95 more in the next year, including in Honiton, while reporting £6.7bn of pre-tax profits. That is an outrage, and the government needs to do more to ensure that the most vulnerable in our society get the services they need in rural regions.”

Highlights

The MSCI EAFE Index—the fund’s benchmark—gained ground in the second quarter.

While the fund registered a positive total return, it underperformed the index.

Stock selection contributed to relative performance, while sector allocations detracted.

The limited edition pale ale is made with entirely British ingredients

Jeremy Clarkson’s Gloucestershire-based brewery Hawkstone and West Country beer maker Butcombe have launched a special edition beer made entirely with British ingredients.

Hops & Glory is a new limited edition real English pale ale that brings together two of the UK’s top brewing brands in a celebration of British farming.

The 4.2 per cent ABV ale was brewed at Butcombe Brewing Co’s state-of-the-art brewery in Bristol and has gone on sale for a three-month period.

Jayson Perfect, chief operating officer at Butcombe Group, said: “At Butcombe, we’ve been brewing cask ale for almost five decades, so collaborating on a beer that celebrates the best of British brewing and farming was an opportunity we couldn’t pass up.

“Hops & Glory combines quality ingredients, brewing expertise and a shared love of great beer, resulting in a pale ale we’re incredibly proud to pour in pubs across the UK. It’s a celebration of provenance and craftsmanship, and we hope it encourages more people to discover and enjoy one of Britain’s greatest brewing traditions.”

The new pale ale taps into growing consumer demand for locally sourced products and authentic British brands, according to the breweries, which said it would also “shine a spotlight” on the quality and character that have made cask ale a cornerstone of the nation’s pub culture.

Andy Cross, sales director at Hawkstone, said: “Great beer starts with great ingredients, and Hops & Glory is a fantastic celebration of British farming and brewing from grain to glass. Working with Butcombe has brought together two brands that share a passion for quality, provenance and creating beers people genuinely love to drink.”

According to its producers, Hops & Glory delivers “vibrant citrus aromas, hints of tropical fruit, and a clean, crisp finish”. It is available in all Butcombe managed pubs and selected pubs around the UK.

A portion of the proceeds of every cask sold will be given to the Licensed Trade Charity, which provides financial and wellbeing support to hospitality workers, and Shout, the UK’s free, confidential 24/7 text support service for people experiencing mental health challenges.

Shares of IFCI climbed as much as 4% to Rs 101.60 on the BSE on Thursday, extending their rally into a second straight session and taking the stock’s two-day gains to more than 16% amid expectations that the long-awaited NSE IPO could be moving closer to launch.

IFCI owns more than a 50% stake in Stock Holding Corporation of India (SHCIL), which, in turn, holds over 4% of NSE. Through its controlling interest in SHCIL, IFCI enjoys indirect exposure to NSE, making its stock particularly sensitive to developments related to the exchange’s IPO.

NSE IPO soon?

Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey has said the regulator is close to approving the draft red herring prospectus (DRHP) filed by the exchange for its IPO.

Last month, a Bloomberg report said NSE is seeking a valuation of as much as Rs 5.26 lakh crore ($55 billion) in its planned IPO.

The exchange filed its draft prospectus in June for an offering that will consist entirely of secondary share sales. Existing shareholders plan to sell as many as 148.9 million shares, representing about 6% of the company, according to the filing.

State Bank of India, MS Strategic (Mauritius) Limited, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India, The New India Assurance Company Ltd., National Insurance Company Limited and United India Insurance Company Limited are among the selling shareholders in the offer for sale.
Last month, the Securities and Exchange Board of India (Sebi) told NSE it would settle all pending matters, including the co-location and dark fibre cases that have dogged the exchange for years, for Rs 1,491.2 crore.The settlement clears the last major regulatory obstacle standing between India’s biggest stock exchange and an initial public offering that has been delayed repeatedly by legal and regulatory tangles.

NSE IPO details

The proposed IPO is entirely an offer-for-sale (OFS) of up to 14.89 crore equity shares with a face value of Re 1 each, representing nearly 6% of NSE’s paid-up equity capital. The issue size has been fixed at 6% of the exchange’s paid-up capital.

In July, Dolat Capital Market Pvt., a local brokerage house, initiated coverage on India’s largest stock exchange with a bearish call, saying tighter regulations on the country’s equity derivatives market would crimp trading volumes and lead to a decline in its market share. As such, the rich valuations that the stock currently commands leave little room for upside, it added.

NSE’s shares will be listed on BSE, mirroring the arrangement under which BSE’s own shares are listed on NSE.

NSE’s revenue from operations rose to Rs 16,601 crore in FY26 from Rs 14,780 crore in FY24, while net profit increased to Rs 10,302 crore from Rs 8,305 crore over the same period. However, profit after tax declined 15% year-on-year from Rs 12,188 crore in FY25 to Rs 10,302 crore in FY26, partly reflecting the impact of SEBI’s tighter regulations on equity derivatives trading.

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The property has an extensive history, with roots tracing back to at least the 14th century

A Grade I listed manor house in Wiltshire is set to be transformed into an upmarket hotel. Wiltshire Council has this week approved plans by the new owners of Hazelbury Manor, at Box, to convert the 500-year-old property from residential use to hospitality.

The owners aid they want to provide a “high-quality hospitality offer” that will bolster Wiltshire’s visitor economy while securing the long-term preservation of these important heritage assets.

Rural Solutions Ltd, representing the owners, described the manor house as “not suitable for modern living”.

“It was considered that the existing layout of the property is not suitable for modern living due to its long corridors and multiple courtyard areas and extensive floorspace,” they informed Wiltshire Council. However, it is that character that makes the property entirely appropriate for use as a hotel, which is believed to be its optimal viable use.”

The conversion includes the manor house, the Grade I listed Dower House, the Grade II listed Granary, and the Grade II Registered Park and Garden — including remnants of a 17th century formal garden and a “quirky” yew circle constructed in the mid-1980s and inspired by Stonehenge — all situated within 175 acres of land.

The Manor has an extensive history, with roots tracing back to at least the 14th century and substantial development taking place between the 15th and 17th centuries. The great hall dates from the 1500s.

The structure underwent restoration and extension during the 1920s under the direction of restoration architect and architectural historian Sir Harold Brakspear, and later served as a girls’ school from 1943 to 1971 before reverting to private residential occupation.

The Dower House shares a physical connection with the Manor, while the Granary is situated to the east of the principal walled garden and has traditionally been utilised partly for residential accommodation, presently containing two residential units with ancillary buildings.

The broader estate includes tracts of agricultural land and parkland, traversed by several public rights of way, including bridleways and footpaths.

Box Parish Council expressed no fundamental opposition to the planning application, provided that a comprehensive range of concerns were adequately addressed.

They said: “The Parish Council recognises that the proposed hotel use could help secure a viable long-term future for the historic buildings and wider estate, but considered that the application was lacking sufficient detail in several key areas, including traffic management, public access, the impact on heritage, trees, and landscape, and environmental impacts.

Natural England asked for mitigation to protect bats.

The Garden Trust said: “The application presents an opportunity to consider the broader implications for the Hazelbury Manor Historic Estate to provide a sustainable future for the estate and the applicant appears to be undertaking a careful, sensitive approach to its redevelopment which we welcome.”

The 20th Century Society said: “We would object to the loss of any Ian Pollard-designed features, such as the Yew Henge and Prospect Mounds. We regard Pollard as a notable postmodern architect, and his interventions at Hazelbury Manor as of significance.

“His Jencksian earthworks and sculptures, alongside his more traditional planting, should be treated as being of high significance.”

The Society for the Protection of Ancient Buildings said “the proposed hotel use may represent a viable option to secure the long-term conservation of the site.”

And the Cotswolds National Landscape Board said it supported the principle of the proposed change of use, recognising that “hotel use represents an appropriate and viable option to secure the long-term conservation of the Manor and its grounds.”