GB News victory! Plans unveiled to protect cash just HOURS after our petition handed in to Downing Street
Government officials have expressed their commitment to safeguarding the ability to withdraw physical currency shortly after GB News presenters handed in a formal request to the Prime Minister's official residence.
The Treasury has unveiled measures to safeguard the availability of free cash withdrawal services throughout the United Kingdom, while showering praise on our advocacy efforts.
The Financial Conduct Authority will ensure that cash users who are at risk will also receive safeguarding measures.
The FCA will utilize regulations outlined in the Financial Services & Markets Act to ensure that banks and building societies uphold certain criteria and impose penalties in cases of non-compliance.
** DO NOT ELIMINATE PHYSICAL MONEY - PLEASE SUPPORT OUR PETITION IMMEDIATELY **
handed over a letter entitled "Don't Eliminate Physical Currency" to the Prime Minister's residence at Downing Street.
The City Minister, Andrew Griffith, expressed that although the expanding selection and convenience of electronic payments are commendable, cash still holds a significant and ongoing position.
That is the reason why we are implementing measures to safeguard the availability of cash legally, ensuring that withdrawing money does not come with any extra charges and that there are cash facilities conveniently located nearby.
Individuals should not be required to travel long distances just to withdraw a small amount of money for inclusion in a birthday card. Similarly, it is unfair to expect businesses to journey extensive miles to deposit their cash earnings.
These measures are advantageous to all cash users, especially individuals residing in rural regions, the elderly population, and individuals with disabilities.
Andrew Griffith's arrival at Downing Street in London
Griffith stated: "GB News has got it right - having the ability to use physical currency is extremely significant for a lot of people. It's a decision that we will safeguard."
Individuals should not be forced to travel long distances just to withdraw a small amount of money to insert into a birthday card. The same goes for businesses, they should not have to cover great distances just to deposit their cash earnings.
This is why we are taking immediate action to safeguard the ability to obtain physical currency through legal measures, stating explicitly that this entails eliminating charges for cash withdrawals and ensuring the availability of cash services conveniently nearby.
The declaration arrives following recent statistics unveiling a surge in online transactions, which escalated from 45 percent to a whopping 85 percent over the last ten years.
ATMs at HSBCPA
Nevertheless, cash remains a favored mode of transaction for numerous Britons, particularly the elderly demographic of the country.
Approximately 5.4 million grown-ups in the United Kingdom still depend on physical currency.
According to UK Finance, cash transactions made up 15 percent of all payments in 2021.
According to LINK's study, approximately 73 percent of consumers reported utilizing physical currency in January 2022.
Nationwide has even indicated that physical currency is experiencing a resurgence following the Covid-19 pandemic, as there was a notable rise of 19 percent in the number of cash withdrawals from the building society's ATMs in the past year, in comparison to the previous year of 2021.
In the United Kingdom, over five million grown-ups still depend on physical currency, which is utilized in a staggering six billion transactions annually.
The Government's financial declaration emphasizes that the FCA must employ its authority to ensure that most individuals residing in urban regions can conveniently avail cash deposit and withdrawal facilities within a distance of one mile.
People who live in rural areas should have the opportunity to utilize banking services for depositing and withdrawing cash within a distance of approximately three miles.
However, the Treasury emphasized the importance of acknowledging that requirements may vary depending on the place and evolve over a period.
The implementation of regulations under the Financial Services Act 2021 has brought about the availability of cash refunds in more than 2,500 stores nationwide.
The money can be withdrawn from the LINK network without the requirement to make any in-store purchases.