THERE are no current plans to close down Barclays Bank branches at Tavistock and Okehampton, a spokesperson this week told the Times.

Reports by the BBC said the high street banking company has plans to close a quarter of its 1,600 branches in the UK and cut hundreds of jobs in its investment banking division as part of a major restructuring.

Barclays is also likely to replace about 400 branches with smaller outlets in Asda supermarkets.

The job cuts come on top of 3,700 layoffs announced early last year.

The new cost-cutting plan will entail closing branches and encouraging customers to use new banking technology, such as smartphone applications.

The Times asked Barclays if potential closures could affect West Devon branches.

Its spokesperson said that 'at this moment of time there are no plans for closures but we are constantly taking a review of our branch network that is on-going'.

Julia Husband, head of corporate relations South West for Barclays, said: 'We have no plans to announce significant reductions to our UK branch network.

'Increasing use of technology is changing the way in which customers choose to do their banking and creates opportunities for Barclays to offer services in new ways, complementing the branch network.

'We have consistently been clear that, over time, there will be fewer traditional branches as we move to provide banking services to customers where and when they find it most convenient. However, the branch network will remain an important part of our banking service and we will never leave a community without the ability to transact.

'Whilst it is inevitable that there will be speculation about how these changes will impact on the branch network, this will be driven by the needs of our customers and, therefore, there is not a target for a number of branches to be closed, nor a timeframe for such action.'