Government has NO plans to force businesses to accept cash, says new Treasury minister

By ANGHARAD CARRICK

Updated: 11:31 GMT, 28 January 2025

Businesses will not be forced to accept physical money despite concerns over access to cash for the most vulnerable in society.

The Economic Secretary to the Treasury, Emma Reynolds, told the Treasury Committee this morning there were ‘no plans to regulate businesses to compel them to accept cash, big or small’.

Last year, the committee launched an inquiry into whether rules were needed to govern the acceptance of cash.

Cash usage has dwindled in the past decade as people increasingly use contactless and mobile payments, but it remains a lifeline for many.

MPs today quizzed the minister on what it meant for vulnerable groups, including the elderly, disabled and those fleeing domestic abuse.

Cash acceptance: The Treasury Minister indicated businesses will not be forced to accept physical money

She acknowledged that while there were difficulties, the Government is ‘committed’ to its access for cash regime, pointing to its aim of opening hundreds more banking hubs.

Reynolds said: ‘I don’t think we’re anywhere near having a cashless society’ and there was no plan for it.

‘I certainly in my every day go to many businesses where they accept cash. We’re not making plans for a cashless society.’ 

She pointed to evidence provided to the Committee from the Association of Convenience Stores which said 99 per cent of its members still accepted cash and had no plans to stop.

However, a recent survey by the Link network of ATMs found that half of Britons said they had trouble paying with cash in the last year. 

The survey of 2,000 adults found car parks topped the list, with 21 per cent of respondents highlighting them as the least cash-friendly locations. 

This was followed by cafes and restaurants (20 per cent) and public transport and pubs (both 10 per cent).

More than half of respondents (59 per cent) say it caused inconvenience, an increase from 48 per cent last year.

SAVE MONEY, MAKE MONEY

£100 Isa cashback

£100 Isa cashback

Open a new stocks & shares Isa with £10k

Fix energy bills

Fix energy bills

Find out if you can save with our partner uSwitch

5.1% cash Isa

5.1% cash Isa

Get 5.10% with our TiM rate boost

5.01% cash Isa

5.01% cash Isa

Cash Isa and money management

Sipp cashback

Sipp cashback

Up to £3,000 when you open a Sipp by 31 Jan

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.

:
Government has NO plans to force businesses to accept cash, says new Treasury minister

***
Read more at DailyMail.co.uk