A new regional cooperative bank – which could bring a range of social and economic benefits including new jobs to Teignbridge – will be discussed at a public meeting in Newton Abbot tomorrow evening, February 8.

The Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) is hosting the event in partnership with Transition Newton Abbot.

A spokesman for the event said: ‘Join us in Newton Abbot to discuss the economic and social case for regional banks and to explore the opportunities and challenges of creating a co-operative bank dedicated to the South West.

‘This event will bring together key local stakeholders and RSA Fellows in Teignbridge and surrounding areas of Devon to explore the development of a bank that will put the welfare of its local communities before profits and could become a key driver of inclusive growth in the South West.’

The RSA is supporting the idea of a new bank for the South West as part of its wider movement led by the Community Savings Bank Association to develop a UK-wide network of customer-owned, regional banks.

An RSA spokesman said: ‘By pursuing a different business model these banks can bring a range of social and economic benefits to the region, including tackling financial exclusion through providing universal access to banking facilities for all citizens; increasing productivity by investing in small and medium-sized enterprises, with well informed decisions made by local branch managers; and creating new local jobs with head offices based in the region rather than in London.’

Establishing regional banks was one of the key recommendations of the RSA’s recent Inclusive Growth Commission, which was designed to find practical ways to make local economies across the UK more economically inclusive and prosperous.

International evidence suggests regional banks are an important institutional component of inclusive growth. Unlike in most European and many Asian countries, as well as Canada and the USA, regional banks are not embedded in the UK’s banking sector.

The spokesman said that, as well as localised benefits, the resilience of the financial system nationally can be improved by mission-led regional banks which diversify the sector.

The meeting is at The Courtenay Centre in Newton Abbot, from 7.15pm to 9pm.