- 19th October 2020
- Posted by: Suzy Hill
- Category: Personal Tax, Business News
Government outlines plans to protect future of cash
The government has outlined plans to protect the UK’s cash system and ensure people have easy access to cash.
The Treasury stated that although cash use is declining, with people increasingly choosing cards, mobiles and e-wallets to make payments, it remains crucial for groups across the UK, including the elderly and the vulnerable.
As part of the proposals, cashback would be offered at shops without consumers having to make a purchase. Additionally, the Financial Conduct Authority (FCA) would be given overall responsibility for the UK’s retail cash system to protect consumers and small and medium-sized enterprises (SMEs).
Commenting on the issue, John Glen, Economic Secretary to the Treasury, said: ‘We know that cash is still really important for consumers and businesses – that’s why we promised to legislate to protect access for everyone who needs it.
‘We want to harness the same creative thinking that has driven innovation in digital payments to maintain the UK’s cash system and make sure people can easily access cash in their local area.’
The Treasury is seeking views on the plans from consumer organisations, businesses, financial institutions, providers of ATM and payment services and others through a call for evidence. This can be found here.