Government outlines plans to protect future of cash

19 Oct 2020

The government has outlined plans to protect the UK's cash system and ensure people have easy access to cash.

The Treasury stated that although cash use is declining, with people increasingly choosing cards, mobiles and e-wallets to make payments, it remains crucial for groups across the UK, including the elderly and the vulnerable. 

As part of the proposals, cashback would be offered at shops without consumers having to make a purchase. Additionally, the Financial Conduct Authority (FCA) would be given overall responsibility for the UK's retail cash system to protect consumers and small and medium-sized enterprises (SMEs).

Commenting on the issue, John Glen, Economic Secretary to the Treasury, said: 'We know that cash is still really important for consumers and businesses – that's why we promised to legislate to protect access for everyone who needs it.

'We want to harness the same creative thinking that has driven innovation in digital payments to maintain the UK's cash system and make sure people can easily access cash in their local area.'

The Treasury is seeking views on the plans from consumer organisations, businesses, financial institutions, providers of ATM and payment services and others through a call for evidence. This can be found here.

Southampton Office

HJS Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
SO14 3TJ

Tel: 023 8023 4222

Winchester Office

HJS Accountants
6 Charlecote Mews
Staple Gardens
Winchester
SO23 8SR

Tel: 01962 842000

Reading Office

HJS Reading
3 Richfield Place
Richfield Avenue
Reading, Berkshire
RG1 8EQ

Tel: 0118 951 1115