Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will consider the potential merits of taking steps to require providers of (a) goods and (b) services to accept cash payment.

As technology and consumer behaviour changes, it should remain the choice of individual organisations as to whether to accept or decline any form of payment, including cash or card, based on their consideration of factors such as customer preference and cost.

Nonetheless, the government recognises that many people continue to transact in cash across the UK and engages closely with financial regulators to monitor and assess trends relating to cash. Research published by the Financial Conduct Authority (FCA) in 2020 found that 98% of small businesses surveyed would never turn away a customer if they needed to pay by cash.

The government is currently taking legislation to protect access to cash across the UK through Parliament as part of the Financial Services and Markets Bill 2022. The legislation will establish the FCA as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities. This will support local businesses to continue accepting cash.

Further details about the Financial Services and Markets Bill can be found on the Parliament website: https://bills.parliament.uk/bills/3326