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Should businesses be forced to accept cash? Vote now and have your say in the comments section below
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As MPs warn there is a risk of Britain becoming a "two-tier society" if the Government does not accept cash acceptance, GB News asks its members if businesses should be forced to accept notes and coins.
The Treasury Committee said it heard from those representing vulnerable sectors of society, including those with learning disabilities, domestic abuse victims and the elderly.
It added that, having heard evidence on the impact of declining cash acceptance on vulnerable communities, there may be a time in the future when it becomes necessary for the Treasury to mandate cash acceptance
The report said: “There may come a time in the future where it becomes necessary for HM Treasury to mandate cash acceptance if appropriate safeguards have not been implemented for those who need physical cash, and the level of cash acceptance begins to lead to widespread detriment.
“To ensure that HM Treasury has the information it needs to make this decision, cash acceptance levels in the UK must be monitored to ensure we do not sleepwalk into a loss of cash acceptance for those who need it.
“HM Treasury must provide the Treasury Committee with annual reporting on cash acceptance levels and provide an analysis of HM Treasury’s view of the tolerable level of cash acceptance in society.”
Chair of the Treasury Select Committee, Dame Meg Hillier MP added: “The Government is in the dark on how widely cash is being accepted and that is completely unsustainable. We are at risk of a two-tier society where the most vulnerable bear the brunt and this needs to be a wakeup call.
“Our Committee has sought to give a voice to those groups which are at severe risk of not being heard by Government policymakers. A sizeable minority depend on being able to use cash and they must not be forgotten by Whitehall.
“As a society, we must avoid sleepwalking into a situation where cash is no longer widely accepted. This is the beginning, not the end, of our scrutiny of this issue. The Government needs to take this seriously.”
Should businesses be forced to accept cash? Vote now and have your say in the comments section below.
