Responding to the independent Access to Cash Review published on Wednesday, which warns that Britain’s cash system is “on the verge of collapse”, David Clarke, head of policy at Positive Money said:
“This review underscores the urgency with which Government and regulators must act to maintain the UK’s cash infrastructure, which is on the brink of collapse.
“Following years of bank branch closures, the decline of our cash machine network is now being rapidly accelerated, after banks lobbied to slash the amount they pay towards transactions. Through its inaction on this issue, the Government is allowing the future of payments to be determined by the interests of banks and card companies rather than the needs of consumers.
“The Access to Cash Review rightly recommends that the ability to use cash is guaranteed for those who need it, but the Government must go one step further. Only by establishing a single regulator with a specific duty to safeguard cash access will Britain’s cash crisis be resolved.”
About Positive Money
Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters.