Cash Infrastructure

Lord Holmes of Richmond Excerpts

Monday 19th July 2021 Lords Chamber

Asked by

[Lord Holmes of Richmond]

To ask Her Majesty’s Government what plans they have (1) to designate the United Kingdom’s cash infrastructure as critical national infrastructure, and (2) to introduce a universal service obligation for the provision of cash.

[Baroness Penn (Con)]

My Lords, designation of the United Kingdom’s critical national infrastructure is sensitive and, as such, not made public. However, the Government have committed to legislating to protect access to cash and to ensuring that the UK’s cash infrastructure is sustainable in the long term. On 1 July, the Government published a consultation which sets out proposals for new laws that seek to ensure that people need to travel only a reasonable distance to pay in or take out cash.

[Lord Holmes of Richmond (Con)]

My Lords, does my noble friend agree that the future of financial services is digital, and that that future must be inclusive, accessible and empowering? At least until that future arrives, cash still matters materially to millions.

[Baroness Penn (Con)]

I absolutely agree with my noble friend. In fact, cash remains the second-most used payment form in this country. That is exactly why we have made this commitment to legislate and launch the consultation on our specific proposals, which we look forward to taking forward.