GB News victory! Plans unveiled to protect cash just HOURS after our petition handed in to Downing Street

It also stressed vulnerable cash users will be protected by the Financial Conduct Authority.

The FCA will build on laws set out in the Financial Services & Markets Act to make sure banks and building societies maintain standards and enforce fines when standards are not met.

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City Minister Andrew Griffith said: “Whilst the growing choice and convenience of digital payments is great, cash has an important and continuing role to play.

“That’s why we are taking action to protect access to cash in law and laying out that this means fee-free withdrawals and the availability of cash facilities within a reasonable distance.

“People shouldn’t have to trek for hours to withdraw a tenner to put in someone’s birthday card – nor should businesses have to travel large distances to deposit cash takings.

“These are measures which benefit everyone who uses cash but particularly those living in rural areas, the elderly and those with disabilities.”

The announcement is a big win for the GB News Don't Kill Cash campaign, which calls on the Government to "introduce legislation to protect the status of cash as legal tender and as a widely accepted means of payment in the UK until at least 2050".

Griffith added: “GB News has it spot on – access to cash is incredibly important to many. It’s a choice that we are going to protect.

“People shouldn’t have to trek for hours to withdraw a tenner to put in someone’s birthday card – nor should businesses have to travel large distances to deposit cash takings.

“That’s why we are acting now to protect access to cash in law and laying out that this means fee-free withdrawals and the availability of cash facilities within a reasonable distance.”

The announcement comes after recent data revealed the number of online payments rose from 45 per cent to 85 per cent in the past decade.

However, cash remains a popular form of payment for millions of Britons, especially among the nation's older population.

Around 5.4 million adults still rely on cash in the UK.

UK Finance revealed cash accounted for 15 per cent of payments in 2021.

An estimated 73 per cent of consumers also claimed to use cash in January 2022, LINK’s research has shown.

Nationwide even suggested cash is making a post-Covid comeback, with a 19 per cent increase in withdrawals from the building society’s ATMs last year compared to 2021.

The 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.

Laws introduced in the Financial Services Act 2021 have delivered cashback in over 2,500 shops across the UK

The cash can be taken out without the need to purchase anything in store through the LINK network.