MPs demand Chancellor take urgent action to save UK’s cash system from collapse
MPs have written to the Chancellor demanding urgent action to save the UK’s cash system from collapse in light of the coronavirus pandemic.
The letter is signed by 37 cross-party MPs, including former pensions minister Angela Eagle and Lib Dem co-leader Ed Davey. It warns that millions who rely on cash could be cut adrift if the Government does not step in.
It urges Rishi Sunak to bring forward legislation that would revive free-to-use cash machines for local communities, and reverse cuts to interchange fees.
MPs have written to Chancellor Rishi Sunak urging him to bring forward legislation that would revive free-to-use cash machines for local communities, and reverse cuts to interchange fees
It says a guarantee from ATM network Link that areas facing cash shortages will have their free cash machines replaced is ‘derisory’, adding: ‘This will not address the root cause of why access to cash is declining.’
Money Mail has previously revealed that 50 per cent of small businesses have gone cashless due to the virus, or plan to.
Experts have warned a decline in cash use expected to take place over five years could now happen within five months.
The MPs’ letter adds: ‘Cash is a lifeline for many and an important budgeting tool, particularly for the hundreds of thousands of vulnerable people that depend upon it to go about their daily lives.
‘Covid-19 has highlighted the importance of cash, especially for those needing others to food shop on their behalf, whether elderly, vulnerable or self-isolating.’