Greg is calling for action to protect the UK’s cash system, so that people have easy access to it.
Following growing expressions of concern, the Government has now launched an ‘Access to Cash’ consultation to ensure that the UK’s cash infrastructure is sustainable in the long-term. The proposals include ensuring that cash withdrawals are widely available from retailers in local communities across the UK, without consumers first having to make a purchase.
Although cash use is declining, with people increasingly choosing cards and mobile phones to make payments, Greg points out that cash remains crucial for many people across the UK – including the elderly and vulnerable, who are finding it is becoming less accessible.
As Greg says: “Access to cash remains a critical resource for millions of people, including the elderly and the self-employed. However, hundreds of cashpoints close every month, and access to cash is becoming a real problem for those living in rural areas. We need firm action from both the government and major banks, so that those who want to use cash will not be left out.”
Speaking in the House of Commons, Sir Greg said: “Two million people rely on cash for every transaction that they make, and access to cash is a necessity for countless individuals and small businesses across the UK, particularly for many who are elderly, vulnerable or live in rural areas.
The Leader of the House of Commons, Jacob Rees-Mogg MP agreed with Sir Greg and said: “The Government recognises that access to cash remains important to millions across the UK, and we are committed to legislating to protect access to cash and ensuring the UK’s cash infrastructure is sustainable in the longer term.