Cash Network

Lord Holmes of Richmond Excerpts

Tuesday 7th September 2021 Lords Chamber

Asked by

[Lord Holmes of Richmond]

To ask Her Majesty’s Government what plans they have to amend competition law to enable collective action to ensure an efficient, effective, accessible, and sustainable cash network across the United Kingdom.

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

My Lords, the Government have not set out plans to amend competition law. However, we are committed to legislating to protect access to cash. The Government are consulting on legislative proposals to protect access to cash withdrawal and deposit facilities. Together with this, the Bank of England has brought together industry to design a new model for wholesale cash distribution. The Government will explore how they can best enable and support an efficient, sustainable and resilient model.

[Lord Holmes of Richmond (Con)]

My Lords, does my noble friend agree that, although the future of payments is digital, the case for cash remains material—material for millions, for individual financial inclusion and national financial resilience for the foreseeable?

[Lord Agnew of Oulton (Con)]

I agree with my noble friend that cash remains a very important measure of exchange in this country. It is now the second most important—it is less important than it was—but we are committed to supporting it.