Banks: Closures and Shared Banking Hubs - Question

Part of the debate – in the House of Lords at 11:07 am on 27 April 2023.

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Photo of Baroness Penn Baroness Penn The Parliamentary Secretary, HM Treasury 11:07, 27 April 2023

My Lords, as my noble friend will know, in the Financial Services and Markets Bill, we are legislating to protect access to cash. That covers withdrawal as well as deposit services. The Government do not plan to mandate the acceptance of cash. That would be an unprecedented intervention. However, the increased access particularly to deposit services for businesses should allow those who wish to continue to accept cash to be able to do so on a more sustainable footing. My noble friend makes an interesting suggestion. The Government are working hard to ensure financial inclusion, including digital financial inclusion. I will think about his suggestion very carefully.