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.

Copyright

© 2024 Michael Letch & Partners LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01277 655 626

Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Michael Letch & Partners LLP, 146 High Street, Billericay, Essex CM12 9DF

Michael Letch & Partners LLP is a limited liability partnership registered in England and Wales with registration number OC328815.

Michael Letch & Partners LLP is also regulated by the Financial Conduct Authority to carry out specific activities and investment advice (registration number 112064).

The term ‘Partner’ is used to refer to a member of Michael Letch & Partners LLP. A list of members is open to inspection at our registered office at 146 High Street, Billericay, Essex, CM12 9DF.

Michael Letch & Partners LLP is registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants