The Government recognises that widespread free access to cash is extremely important to the day-to-day lives of many consumers and businesses. Our policy is to support digital payments while safeguarding access to cash for those who need it.
The finance industry has a key role to play in protecting access to cash. Several industry initiatives, such as LINK’s ‘request an ATM’ scheme or UK Finance’s Community Access to Cash Initiative, are welcome and are helping to support cash in the short-term.
The Government recognises that action needs to be taken to protect access to cash for consumers and businesses in the long-term. That is why, at the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect the sustainability of the UK’s cash infrastructure. This will ensure that millions of people, including vulnerable groups, can get hold of the cash they need when they need it.
The Government will engage with regulators and industry on the design of legislation, ensuring that the approach reflects the needs of cash users across the economy.