Money: Older People

Treasury written question – answered on 9th April 2019.

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Photo of Scott Mann Scott Mann Conservative, North Cornwall

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential effect on elderly people of decreased access to hard currency.

Photo of Robert Jenrick Robert Jenrick The Exchequer Secretary

At Spring Statement 2018, the Government held a call for evidence to better understand the role of cash and digital payments in the new economy. We will publish a summary of responses to this document in due course which, along with the recent Access to Cash review, will add to the body of evidence highlighting the continued importance of cash.

The Government recognises the continued importance of cash, especially for more vulnerable members of society and the elderly. The Government will take steps to safeguard access to cash for those who need it, while continuing to support digital payment methods.

The Government-established Payment Systems Regulator is closely monitoring developments within ATM provision. It has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network in the UK.

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