Money

Treasury written question – answered on 24th September 2020.

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Photo of Charlotte Nichols Charlotte Nichols Labour, Warrington North

To ask the Chancellor of the Exchequer, if he will make it his policy to implement a system to (a) measure, (b) analyse and (c) report how well the cash system performs for consumers.

Photo of Charlotte Nichols Charlotte Nichols Labour, Warrington North

To ask the Chancellor of the Exchequer, if he will make it his policy to give a public body the responsibility for tracking trends in the acceptance of cash by businesses.

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

The Government and regulators are closely monitoring developments relating to impacts on cash access and usage, particularly in light of COVID-19, including through the Joint Authorities Cash Strategy Group. This group, chaired by the Treasury, aims to ensure coordinated oversight of the UK’s cash infrastructure. In July 2020, the Group published an update on its actions, including work led by the Payment Systems Regulator and Financial Conduct Authority to develop a comprehensive picture of cash access infrastructure across the UK in relation to socioeconomic factors that reflect consumer needs.

The Government is committed to ensuring that the UK’s cash infrastructure is sustainable in the longer term so that widespread access to cash, which remains extremely important to millions of people across the UK, remains available. That is why, at the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect access to cash. The Government is working at pace to develop legislation and will ensure that regulators have the appropriate responsibilities and powers.

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