THE mayor of Watchet has described the potential loss of the town's only bank as 'a blow to the future of Watchet'.

Banking girant Lloyds announced yesterday that 525 jobs would be lost with 20 branches set to close.

The Mayor of Watchet, Cllr Peter Murphy, said: "This is a blow to the future
of Watchet and will hit local people hard. 

"It will also damage the tourist trade which the town depends on heavily for its survival. 

"I would urge people to contact the head office of the bank to question this decision and if they are account holders inform them that they will move their account in protest if the closure goes ahead."

The council said the news that Lloyds bank is to close in Watchet is another blow, following on from the closure of the paper mill, to the wellbeing of the town.

A spokesman for Watchet Town Council said: "Businesses will face higher costs and the public will be greatly inconvenienced if they have to travel to Williton to conduct their business.

"Those that can use the post office will cause long queues and upset to
citizens going about their daily life.  Following the closure of NatWest in
Williton, Lloyds is the only bank for the people of both settlements." 

Lloyds bank, 9 per cent owned by the taxpayer, said the cuts were part of 9,000 reductions announced in 2014.

A statement said 115 new roles will be created across the affected business areas.

"As part of our Group Strategic Review, we also announced 200 branch closures over the three-year period.

"Today we can confirm that we will be closing 23 branches during October 2016 as part of this strategy. Branches will continue to play an important role in our multi-channel approach to meeting customer needs and we expect to continue to have the biggest branch network in the UK.

"Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today.

"The Group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge.

"Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."

Rob MacGregor, Unite's national officer, said 640 staff will lose their jobs under Wednesday's announcement.

"The continuation of the bank's major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts. These latest job losses are to impact staff across the country.

"The union is calling on the bank to avoid compulsory redundancies with options for redeployment, job-swapping or voluntary redundancy wherever possible."

Lloyds branches will close in Blackfen (Sidcup), Bourne End (Bucks), Chapel Hill (Truro), Colindale (London), Colyton (Devon), Mill Hill (London), Netherton (Dudley), Newbridge (Gwent), Nottingham University, Pool (Cornwall), Radford (Coventry), Ryton (Tyne and Wear), Sandy (Beds), Shifnal (Shropshire), South Quay (London), Southwick (Brighton), Southwick (Sunderland), Stanford-le-Hope (Essex), Tonyrefail (Glamorgan) and Watchet (Somerset).