UK Cash Network

Lord Holmes of Richmond Excerpts

Monday 8th November 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 network as Critical National Infrastructure, and (2) to introduce a Universal Service Obligation for the provision of cash.

[Lord Holmes of Richmond (Con)]

I beg leave to ask the Question standing in my name on the Order Paper and in doing so declare my technology interests as set out in the register.

[The Minister of State, Cabinet Office and the Treasury (Lord Agnew of Oulton) (Con)]

My Lords, designation of the United Kingdom’s critical national infrastructure is sensitive and as such is not made public. However, the Government have committed to legislating to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable for the long term. The Government recently concluded a consultation setting out proposals for new legislation which seeks to ensure that people only need to travel a reasonable distance to pay in or take out cash.

[Lord Holmes of Richmond (Con)]

My Lords, does my noble friend agree that, whether for the financial inclusion of individuals or the overall resilience of the UK economy, until we have high-speed reliable digital connectivity and high levels of universal digital inclusion, cash still matters, and it matters materially?

[Lord Agnew of Oulton (Con)]

I agree with my noble friend; he is completely correct. It is worth pointing out as some reassurance that over 79% of adults over 65 have made a payment using contactless in the last year and 84% of adults over 65 have used online banking, so I think the digital revolution is spreading to all parts of our society.