Responsible Finance has united with ACS, the British Retail Consortium, Federation of Small Businesses and Positive Money to urge the Chancellor to use next week’s Budget to secure long-term access to cash across the UK.
16 Conservative MPs have supported action on access to cash in a private letter to the Chancellor submitted today (Thursday 5th March). The letter outlines that to secure long-term access to cash, the Chancellor should use his Budget to:
• Reverse the cuts to interchange fees paid by banks to fund the network
• Exempt free-to-use ATMs from business rates bills
• Recognise that ATMs are the only infrastructure through which to guarantee national access to cash
Responsible Finance’s CEO Theodora Hadjimichael said:
“The perils of relying on a single payment method have been illustrated by the weaknesses of digitalised financial systems, and the rapidly decreasing availability of free-to-use cash machines leaves million of people struggling to make payments, including the elderly and vulnerable. Paying for access to cash can compound the poverty premium for low-income families who rely on cash for their day to day budgeting and spending. It is critical that the Chancellor acts now to secure long-term access to cash across the UK.”
Read more here.