Overview

• The Bank of England has committed to maintain an extra cash-acceptance question in its consumer survey after introducing it in January.
• January’s data revealed that 8% of shoppers had to switch stores and 6% abandoned purchases when cash was refused.
• Treasury Committee chair Dame Meg Hillier described the monitoring pledge as a positive first step and called for stronger protections for vulnerable groups.
• The government reiterated it will not compel businesses to accept cash but will use collected data alongside industry figures to assess future measures.
• Insights from cash-refusal tracking will feed into a Financial Inclusion Strategy due later this year to address the risks of a two-tier payment landscape.