Access to cash remains vital to the day-to-day lives of many people throughout the country, particularly to the elderly and the most vulnerable, as well as those who do not have bank accounts or access to digital services.
In October 2021, LINK reported that there were around 41,000 free-to-use ATMs in the UK. More broadly, the Financial Conduct Authority reports that as of the second quarter of 2021, nearly 96 per cent of the UK population are within 2km of a free-to-use cash access point. Here in Cheltenham, I am aware that cash is available on the Prom, on Bath Road, on the High Street and in Montpellier.
Following a detailed consultation, the Government intends to support the continued use of cash in people’s daily lives and help to enable local businesses to continue accepting cash by ensuring they can access deposit facilities. Having already facilitated the wide-spread adoption of cashback without a purchase through the Financial Services Act 2021, the Government will set out next steps in due course. I will consult ministerial colleagues to ascertain when this legislation will be brought before Parliament.
Although schemes such as Community Access to Cash have been very successful, I want to see future legislation ensure the needs of cash users are understood and continue to be met by industry, including large and small retailers.
I also very much welcome the establishment of the Joint Authorities Cash Strategy (JACS) Group which brings together representatives of our key financial regulators to provide joined-up and comprehensive oversight of the UK's cash infrastructure. The JACS Group will place a particular emphasis on user needs and the changing nature of cash usage.