PARLIAMENTARY WRITTEN QUESTION
Money (11 November 2024)

To ask the Chancellor of the Exchequer, what her policy is on (a) access to cash, (b) businesses being required to use cash and (c) helping vulnerable people reliant on cash infrastructure adapt to a cashless society.

Asked by:
Tim Roca (Labour)

The Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups.

The Financial Conduct Authority has recently assumed regulatory responsibility for protecting access to cash, and its new rules went live on 18 September. The rules require the UK’s largest banks and building societies to assess the impact of a closure of a relevant cash withdrawal or deposit facility and put in place a new service if necessary.

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 found that 98 per cent of small businesses surveyed would never turn customers away if they needed to pay in cash. The new rules by the Financial Conduct Authority will also support businesses to accept cash by ensuring they have reasonable access to deposit facilities.

The Government also recognises that promoting digital inclusion is essential to building the skills and confidence people need to participate in a modern digital economy and the Department for Science, Innovation and Technology, as the lead department, is considering barriers to this.

Answered by:
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1 January 1970