UK Moves to Sustain Cash

The UK is facing significant pressure on its cash infrastructure, sufficient to put access to cash on the political agenda. 2021 draws to a close with a major announcement that some of the largest UK banks will create a network of shared banking hubs to maintain cash facilities for communities where cash services have ended.

The banks have agreed that any community facing the closure of a core cash service, such as a bank branch or ATM, will have its needs independently assessed by the UK’s major ATM network LINK. Communities will also be able to request a review of their needs from the summer of 2022.

Which?, the cash consumer group which has been campaigning in support of cash, has been monitoring bank branch closures. They report that in 2021 there have been 736 branch closures and that the rate has been accelerating; between June and August 298 branches closed. A further 220 are planned to close in 2022. Since January 2015 4,734 bank and building society branches will have closed.