A Tory Minister has thrown his weight behind GB News’ Don’t Kill Cash campaign after the Treasury vowed to protect access to physical sterling.
Andrew Griffith, who serves as Rishi Sunak’s Economic Secretary to the Treasury, argued the Government’s announcement yesterday was needed to provide “reasonable” access to cash.
He told GB News’ Patrick Christys: “[People] should feel very encouraged by the action we’ve taken both yesterday [when] I announced new policies that will put some real flesh on the bones of what Parliament back in July mandated, which is everybody should have reasonable access to cash.”
Griffith continued: “We will make sure that businesses can have the ability to deposit their takings because that’s often a deterrent to businesses accepting cash.”
The Arundel & South Downs MP added: “There are some really, really important reasons, and I think your campaign has highlighted some of them, why cash is important.
“Those digital payment methods are not for everybody. Some people budget by having the physicality of cash, taking out a fixed amount and using that for budgeting.
“And there are also important protections against abuse or an infallible state by having that backstop.”
The Treasury yesterday announced measures to protect free cash access services across the United Kingdom.
Cash machines at HSBCPAThe Government’s financial statement makes clear the FCA should use its powers to maintain that the vast majority of people living in urban areas can access cash deposit and withdrawal services within one mile.
Residents in rural-dwellings should be able to access cash deposit and withdrawal services from around three miles away.
But the Treasury stressed it should be recognised that needs may differ by location and change over time.
Despite the Government’s latest announcement, a sales director at a major cashpoint operator warned the measures do not go far enough.
NoteMachine’s Charlie Evans said: “Today’s policy statement from the Treasury fails to address the crucial matter of how the UK’s free-to-use ATM network is funded.
An image of a man taking cash out of an ATMPA“The network remains under significant cost pressures due to successive cuts to the funding paid to ATM operators for every customer withdrawal, with rising interest rates making this picture even worse.
“If this continues to be ignored by the Government, it will become impossible for independent operators like NoteMachine to maintain free-to-use cash machines at an adequate level, and the headline policy measure of today’s statement will be extremely difficult to enforce.
“Continued inaction on funding of the ATM network risks failing the millions of consumers and businesses that rely on cash every day.
“It is critical that the FCA address this in a meaningful way as they move to implement the Government’s plan.”
