Financial Exclusion: Access to Cash
Debate between Seema Malhotra and Hugh Gaffney(5 years, 6 months ago)
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Seema Malhotra
My hon. Friend makes an important point. I agree that this whole debate also needs to be part of a strategy for towns, which are often left out of how progress is made, how policy is implemented and who is the first to benefit when new resources are rolled out. The provision of financial services and ATMs is absolutely vital for ensuring economic progress and the viability of businesses.
Hugh Gaffney (Coatbridge, Chryston and Bellshill) (Lab)
The banks are closing down everywhere and are using the excuse that we can use post offices to access cash. Yesterday it was announced that 1,000 post offices are to go and more to follow. Sub-postmasters are not making the same money as the banks. That is now going to lead to a more cashless society. That, to me, is what the banks are heading for.
Seema Malhotra
My hon. Friend’s extremely important point is one I was about to go on to. We have seen this debate previously in relation to post offices, and have then seen post offices become an important part of the strategy for maintaining access to cash—Mastercard and others are also working with them. Research from the Post Office shows that about 44% of small businesses believe that the convenience of cash is essential to their business, and also that they use post offices. Yet, alongside this debate, we see these warnings, and alongside the challenges that the post office network faces, deprived and rural communities will have even poorer access to cash.