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MPs Warn of Two-Tier Society as Cash Usage Declines to Record Low

The Treasury Committee calls for mandatory cash acceptance and annual government monitoring to protect vulnerable groups reliant on physical currency.

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Car parks and leisure centres were highlighted as services turning away from cash

Overview

  • Cash usage in the UK has dropped from 51% of transactions in 2013 to just 12% by 2023, with ATM withdrawals falling 31% since 2019.
  • The Treasury Committee warns that declining cash acceptance risks excluding vulnerable groups, such as the elderly and those without bank accounts, from essential services.
  • MPs recommend legal mandates requiring businesses to accept cash if safeguards for cash users prove insufficient in the future.
  • The committee highlights gaps in cash acceptance at locations like car parks and leisure centres, urging HM Treasury to monitor and report on cash accessibility annually.
  • The government, however, has stated it has no plans to compel businesses to accept cash, emphasizing efforts to expand banking hubs and address digital exclusion.