Mar 11, 2020

Budget 2020: Future of cash protected 

Rishi Sunak, the chancellor, has committed to the future of cash as the Budget promised to bring forward legislation to protect access for those who need it. The Treasury said it would start talks with regulators and the financial services industry immediately after the Budget to ensure that the industry "Continues to meet the changing needs of cash users" and safeguards the sustainability of the UK's cash infrastructure. The Access to Cash review warned that cash would collapse without government legislation and that legal powers were needed to protect it. "The announcement today put us on the right track to maintain a viable cash system in the UK while so many people need it, without the risk of millions of people being left behind," said Natalie Ceeney, independent chair of the Access to Cash Review. Cash access is also being threatened by a falling number of free-to-use ATMs. The Access to Cash review found that a quarter of all ATMs now charge customers to withdraw their money, up from 7 per cent a year ago and leading charges to consumers to rise by £29m in 2019.

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