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yesterday

UK MPs Urge Action to Address Declining Cash Acceptance

Treasury Committee warns of risks to vulnerable groups and national resilience, calling for monitoring and potential mandates.

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Overview

  • Cash usage in the UK has dropped from 51% of payments in 2013 to just 12% in 2023, raising concerns about access and inclusion.
  • The Treasury Committee warns that declining cash acceptance risks creating a 'two-tier society,' excluding vulnerable groups such as the elderly, disabled, and domestic abuse survivors.
  • MPs recommend annual monitoring of cash acceptance levels and suggest the government may need to mandate cash acceptance if safeguards are not implemented.
  • The report highlights the importance of cash for emergency preparedness, citing 158 bank IT outages since 2023 and urging households to hold cash in case of crises.
  • While the government plans to expand banking hubs, it currently has no plans to compel businesses to accept cash, despite calls for stronger protections.