Access to Cash

Lord Naseby Excerpts

Wednesday 3rd April 2019 Lords Chamber

Asked by

[Lord Naseby]

To ask Her Majesty’s Government how they intend to ensure that the public have access to cash throughout the United Kingdom.

[The Minister of State, Department for International Development (Lord Bates) (Con)]

My Lords, the Government are committed to safeguarding access to cash while supporting digital payments. Last year, we launched a call for evidence on cash and digital payments in the new economy. We will publish a summary of responses in due course. We will continue to work with regulators and banks to ensure that people continue to have real choice over how they spend their money.

[Lord Naseby (Con)]

My Lords, is my noble friend aware of the great worry experienced by 17% of our citizens about their virtually permanent need for access to cash? Against that background, has my noble friend found time to see and read the Which? report, the submissions made by Age UK and the rather heavy tome produced by Access to Cash Review? If he has, that is a happy coincidence. If not, will he please make sure he does so? Is he also aware—

[Noble Lords]

Question!

[Lord Naseby]

My Lords, 17% of our citizens are suffering. Against that worry, is he aware that, while the Post Office and Nationwide are helping, the rest of the mutuals movement is handicapped by the Government’s failure to implement fully the Mutuals’ Deferred Shares Act 2015?

[Lord Bates]

My Lords, I pay tribute to the work of the mutuals. The noble Lord is right that a situation is emerging where people, particularly the most vulnerable, are seeing access to cash beginning to reduce as a payment option. One in six transactions used to be made in cash; at the moment it is one in three, and it will go down to one in 10. This is an inevitable consequence of the movement of technology. We need to adjust, but we are committed to supporting access to cash for the most vulnerable people, to whom he referred.