Money

(asked on 1st September 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure the continued acceptance of cash as a payment option within the UK.


Answered by
Andrew Griffith Portrait
Andrew Griffith
Minister of State (Department for Science, Innovation and Technology)
This question was answered on 11th September 2023

The government recognises that, to support people’s ability to continue to transact using cash, businesses need reasonable access to cash deposit facilities to support them to keep accepting cash.

The government legislated through the Financial Services and Markets Act 2023 to establish the Financial Conduct Authority as the lead regulator for access to cash and provide it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. The government considers that this legislation will support organisations, including local businesses, to continue accepting cash by ensuring that they have reasonable access to cash deposit facilities.

Following this, the government recently published a Cash Access Policy Statement, which sets out the government’s policies on access to cash. The FCA is required by law to have regard to these policies when determining its regulatory approach. The FCA will publicly consult on its regulatory approach in due course. The government’s policy statement is available on gov.uk: https://www.gov.uk/government/publications/cash-access-policy-statement/cash-access-policy-statement

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