Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the number of adults in England and Wales who cannot acquire or deposit cash due to a lack of access to debit cards or the internet.

To ensure access to cash is protected, the government is currently taking legislation through Parliament as part of the Financial Services and Markets Bill. Following a public consultation, the Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In exercising its powers, the FCA must have regard to any local deficiencies in the provision of cash access that it has identified and considers to be significant. The government’s view is that this will allow for consideration of local circumstances in all parts of the UK, and will help ensure the most vulnerable are protected. Further details about the Bill can be found on the Parliament website.

This Bill builds on the government’s longstanding commitment to safeguard financial inclusion across the UK, including via the provision of basic bank accounts. Existing legislation requires the nine largest personal current account providers in the UK to provide basic bank accounts, so customers are equipped with a bank card and can access banking and payment services.

The FCA has a considerable evidence base on cash provision and use across the UK. Analysis that was published by the FCA in February 2020 found that 5.4 million people are still reliant on cash. Meanwhile, the FCA’s analysis shows that, as of the end of 2021, over 95% of the population are within two kilometres of a free-to-use cash access point, such as a free-to-use ATM, bank branch or Post Office branch.

Finally, Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available on the gov.uk website.