PARLIAMENTARY WRITTEN QUESTION
Business: Money (4 November 2024)

To ask the Chancellor of the Exchequer, what information her Department holds on the number and proportion of businesses that do not accept cash; and if she will make an assessment of the potential merits of taking steps to require all businesses to accept cash.

Asked by:
Rupert Lowe (Restore Britain)

The Government recognises the vital role cash plays as means of payment for essential goods and services and to the wider economy, and welcomes the recent announcement of the Treasury Select Committee’s inquiry into cash acceptance.

There is no legal requirement for businesses to accept specific forms of payment. It is for each business to decide on the forms of payment it chooses to accept, based on a variety of factors, including cost and customer preferences. Research published by the Financial Conduct Authority in 2020 found that 98 per cent of small businesses surveyed would never turn customers away if they needed to pay in cash.

The Financial Conduct Authority also recently assumed regulatory responsibility for protecting access to cash. These rules will support business’ ability to continue to accept cash by ensuring they have reasonable access to cash deposit facilities.

Answered by:
Tulip Siddiq (Labour)
12 November 2024