Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to bring forward legislative proposals to ensure the long-term future of cash.

The Government recognises the importance of cash to the daily lives of millions of people and businesses across the UK, including those who may be on low incomes or vulnerable. That is why at the March 2020 Budget, the Government committed to legislating to protect access to cash and ensuring that the UK’s cash infrastructure is sustainable in the longer term.

On 1 July, the Government published a consultation on access to cash, which sets out proposals for new laws to make sure people only need to travel a reasonable distance to pay in or take out cash. The Government’s proposals would support the continued use of cash in people’s daily lives and help local businesses to continue accepting cash by ensuring reasonable access to deposit facilities. The consultation will be open until 23 September and is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation

The Government also made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses as part of the Financial Services Act 2021.