The Post

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activists have called for Chancellor Rishi Sunak to store banknotes and coins, the say, Without the urgent need of new laws, The Cash system will collapse within a decade.

Mr Sunak want to take measures in his first Budget on 11 March.

"We need to ensure that the transition to digital not millions of or behind the said our economy is in danger," Natalie Ceeney, the access to cash Review.

The Finance Ministry said it wanted " to ensure that everyone who requires cash, can access it. "

cash is important to the millions of people who still use it for payment for essential goods and services, such as utility and Council bills.

According to the Financial inclusion Commission, almost two million people in the UK do not have a Bank account, meaning you have to Bank notes and coins to pay your way.

There were 11 billion euros in cash payments in the UK in 2018, but you will be expected to 3. 8 billion in 2028, accounting for less than one-tenth (9%) of all payments.

< p > cashless Society

"The United Kingdom is increasingly becoming a cashless Society - Without knowing what this really means for the consumer or for the British economy," said MS Ceeney.

in The Past year, 13% of the free-to-use UK-funds have closed, as the lower levels of cash, they are economically unprofitable. A quarter (25%) of the now machines charging people to withdraw their money.

The Post Office cash access service under threat. To stop Barclays recently reversed plans to customers, cash from Post Offices to a counter-movement.

long-term access to cash

"The Cash network is already eroded dramatically, and unless urgent measures are taken, in the budget, it is clear that it will disintegrate completely," warned Jenny Ross? Money-Editor.

"The new Chancellor Must take this opportunity and the guarantee of a long-term access to cash in the budget, during the development of a clear strategy to ensure that the transition to digital payments leave anyone behind. "

A Number of initiatives are helping the industry to give people access to cash, including cashback initiatives at the local shops, and a "request an ATM service".

But the access to cash Review believes that the only way to manage The Cash system is for the government to legislate and the regulators, the tools you need to cash access.

the banks should be forced to appropriate cash to say access to their customers, you.

A spokesman for the Ministry of Finance, said: "the technology banking for millions of people transformed, but we know that many still rely on cash.

"why, we have £invested 2bn to everyday banking services to 11,500 Post Office branches throughout the UK are available.

"We also work in close cooperation with the industry and the regulators, to ensure that everyone who needs cash, can access it. "

A UK-Finance-spokesman said, the banking and financial industry recognizes the importance of ensuring cash remains free and readily available for those who still need it.

He said the industry has taken A Number of measures to help, including the regulations" to protect the Link, to ensure the free-to-use ATMs in remote and rural areas, and ensure that every High Street in the UK has free access to cash. "

The industry Association warned that there is no "one-size-fits-all" approach and understanding of the needs of the local communities is crucial.

The Federation of Small Businesses (FSB) called for financial incentives so that smaller companies were able to offer partial refunds for goods and services.

Martin McTague, FSB national policy and advocacy Chairman, said: "We need to look at how we can make the offer cashback profitable for small businesses. The financial incentives are a Must . "

uk banking, uk economy, personal finance, cash, hm treasury, money

Source of news: bbc.com