Money: Coronavirus

(asked on 21st January 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will appoint the Financial Conduct Authority to track changes in cash acceptance by UK businesses in response to the finding in research from Which? that found 1 in 3 people have had their cash refused since the beginning of the covid-19 outbreak.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 27th January 2021

The Government recognises that cash remains important to millions of people across the UK and has committed to protecting access to cash. The Government published a Call for Evidence on 15 October 2020 seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.

The Government will ensure that regulators have the right responsibilities and powers to oversee the cash system. As set out in the Call for Evidence, effective coordination between the financial authorities will continue to be critical, but the Government considers that there may also be benefit in giving a single authority overall responsibility for ensuring the retail cash system meets the needs of consumers and businesses. The Government’s view is that the FCA may be well positioned to take on the function through legislation. The Call for Evidence closed on the 25 November 2020. The Government is considering responses and will set out next steps in due course.

The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. It is important to wash your hands regularly. To work safely, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. It remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.

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