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Question for Treasury

UIN 24133, tabled on 29 June 2021

To ask the Chancellor of the Exchequer, what the Government's policy is on the continued use of physical currency in the form of notes and coins; and if he will make a statement.

Answered on

5 July 2021

The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, particularly to those who may be in vulnerable groups.

Therefore, the Government has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.

The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.

On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation.

Answered by

Treasury