Asked by: Ged Killen (Labour (Co-op) - Rutherglen and Hamilton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the final report of the Access to cash review published on 6 March 2019; and if he will make a statement.
Answered by John Glen
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK. Government has been engaging and will continue to engage with the regulators and industry on this topic.
The Treasury initiated a discussion on payment methods at Spring Statement 2018 through a Call for Evidence on Cash & Digital Payments in the New Economy. This sought to gather evidence on how changing preferences for cash and digital payments impact on different sectors, regions and demographics.
The Government welcomes the recent Access to Cash Review, which is an important contribution to the debate on cash and which will help inform our future policy development.
The Government will formally respond to the Call for Evidence in due course.
Asked by: Ged Killen (Labour (Co-op) - Rutherglen and Hamilton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government has plans to reform the cap on interchange rate fees for card payments introduced in the Interchange Fee Regulation 2016 from a percentage cap to a flat rate of 50p per transaction.
Answered by John Glen
The Government is open to hearing views on this issue, and digital payments more broadly, as evidenced by its call for evidence on cash and digital payments in the new economy. Amongst other things, this explored how the Government can best support digital payments. The Government will formally respond to the call for evidence in due course.
Asked by: Ged Killen (Labour (Co-op) - Rutherglen and Hamilton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with the (a) Bank of England, (b) Financial Conduct Authority and (c) Payment Systems Regulator on the availability of access to cash through (i) ATMs and (ii) other means.
Answered by John Glen
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK. Government has been engaging and will continue to engage with the regulators and industry, including both the Payment Systems Regulator and LINK (the scheme that runs the UK’s ATM network), on this topic. For example, last year we conducted a call for evidence on cash and digital payments in the new economy. This explored how the trend from cash to digital payments impacts on different sectors, different regions and different demographics. The Government will formally respond to the call for evidence in due course.
The Government established the Payment Systems Regulator with a statutory duty to ensure that payment systems work well for those who use them. As part of this, the PSR regulates LINK and is closely monitoring developments within ATM provision. LINK has committed to maintain the broad geographical coverage of the ATM network in the UK. The PSR has used its powers to hold LINK to account over its commitments and to ensure LINK reports to it on a regular basis.
Government also notes that LINK has commissioned an independent review (chaired by Natalie Ceeney) which is looking at long-term access to cash.
Asked by: Ged Killen (Labour (Co-op) - Rutherglen and Hamilton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if the Government will include in the statutory objectives of the Payment Systems Regulator powers to protect access to cash; and if he will make a statement.
Answered by John Glen
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK. Government has been engaging and will continue to engage with the regulators and industry, including both the Payment Systems Regulator and LINK (the scheme that runs the UK’s ATM network), on this topic. For example, last year we conducted a call for evidence on cash and digital payments in the new economy. This explored how the trend from cash to digital payments impacts on different sectors, different regions and different demographics. The Government will formally respond to the call for evidence in due course.
The Government established the Payment Systems Regulator with a statutory duty to ensure that payment systems work well for those who use them. As part of this, the PSR regulates LINK and is closely monitoring developments within ATM provision. LINK has committed to maintain the broad geographical coverage of the ATM network in the UK. The PSR has used its powers to hold LINK to account over its commitments and to ensure LINK reports to it on a regular basis.
Government also notes that LINK has commissioned an independent review (chaired by Natalie Ceeney) which is looking at long-term access to cash.
Asked by: Ged Killen (Labour (Co-op) - Rutherglen and Hamilton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions the Government has had with the Payment Systems Regulator on its review of cash infrastructure; and what the timeframe is for the publication of (a) further details on the review and (b) the review itself.
Answered by John Glen
The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK. Government has been engaging and will continue to engage with the regulators and industry, including both the Payment Systems Regulator and LINK (the scheme that runs the UK’s ATM network), on this topic. For example, last year we conducted a call for evidence on cash and digital payments in the new economy. This explored how the trend from cash to digital payments impacts on different sectors, different regions and different demographics. The Government will formally respond to the call for evidence in due course.
The Government established the Payment Systems Regulator with a statutory duty to ensure that payment systems work well for those who use them. As part of this, the PSR regulates LINK and is closely monitoring developments within ATM provision. LINK has committed to maintain the broad geographical coverage of the ATM network in the UK. The PSR has used its powers to hold LINK to account over its commitments and to ensure LINK reports to it on a regular basis.
Government also notes that LINK has commissioned an independent review (chaired by Natalie Ceeney) which is looking at long-term access to cash.
Asked by: Ged Killen (Labour (Co-op) - Rutherglen and Hamilton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when his Department plans to publish its response to the call for evidence on cash and digital payments in the new economy that closed on 5 June 2018.
Answered by John Glen
The Call for Evidence produced a wide range of evidence, which requires thoughtful consideration.
We have recently announced that the denominational mix of notes and coins would not change. Response to other matters will be made in due course.