News in Brief

UK Parliament Debates Access to Cash

On 20 October the UK House of Commons had a debate about access to cash for nearly 90 minutes. 25 MPs spoke across every part of England, Scotland and Wales, including the Economic Secretary to the Treasury.

The Economic Secretary updated the house on progress made ensuring access to cash, including mention of the consultation on possible legislation to protect cash over the long term that closed on 23 September. He said, ‘that consultation was designed with a simple principle in mind: finding that crucial balance between supporting the use of cash and embedding flexibility as the cash landscape continues to evolve.’

He went on to say that as of the first quarter of this year, more than 95% of the population were within 2 km of a free cash withdrawal point. The government included legislative changes to the Financial Services Act 2021 to support the availability of cashback without a purchase from shops and other businesses.