Financial Services

Treasury written question – answered on 4th July 2019.

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Photo of Seema Malhotra Seema Malhotra Labour/Co-operative, Feltham and Heston

To ask the Chancellor of the Exchequer, what discussions he is having with fin tech providers on delivery of financial services to people and businesses affected by lack of access to cash.

Photo of Seema Malhotra Seema Malhotra Labour/Co-operative, Feltham and Heston

To ask the Chancellor of the Exchequer, what steps he is taking to increase access to cash in areas without ATMs.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. In light of changing payment trends, Government has created the Joint Authorities Cash Strategy Group. This Treasury-led Group, brings together the Bank of England, Payment Systems Regulator and Financial Conduct Authority to inform and co-ordinate members’ activities related to cash.

The Government has also invested over £2bn in the Post Office to maintain a stable network of branches where people can carry out their day-to-day banking.

The wider banking and finance industry has a key role to play and Government supports industry efforts to develop creative and innovative ways to maintain access to, and acceptance of, cash. The industry is committed to helping local communities identify and secure appropriate free access to cash for customers. Regarding specific discussions, Treasury Ministers and Officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

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