10-minute snapshot of UK banking

Every 10 minutes UK banks pay out more than £3 million through cash machines, the British Bankers’ Association shows in its latest annual statistics.

The 24th Annual Abstract of Banking Statistics sets out the scale of one the UK’s most globally successful business sectors. The abstract is the most authoritative and widely-used guide to key data on the UK banking and is produced annually by the BBA from figures supplied by its members and other bodies.

The Abstract shows that in every 10 minutes banks:

distribute nearly £3 million in cash through cash machines (Automated Teller Machines);

process 25,000 cheques, 102,000 automatic credits and 123,000 plastic card payments;

increase support for small businesses by £81,000;

receive £750,000 from customers for safe keeping;

approve mortgages worth more than £4 billion; and

contribute £190,000 towards the UK’s balance of payments and pay £175,000 in tax to the Exchequer.

Angela Knight CBE, Chief Executive of the British Bankers’ Association, said: “The 24th Annual Abstract of Banking Statistics proves the UK banking and financial sector is a huge global business bringing billions into the UK economy every year. At the same time our banks still manage to deal with thousands of transactions for people like you and me every few minutes.

“The figures also show trends in how we are all managing our finances. Perhaps most encouraging are signs that bank customers are saving more efficiently, using ISAs to an increasing extent. However we still need to do more to ensure borrowers are getting the right deal for them.”