Money: Coronavirus

(asked on 1st June 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the covid-19 outbreak on the use of physical currency in the future; and if he will make a statement.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 8th June 2020

The Government recognises that widespread access to cash is extremely important to the daily lives of millions of people across the UK. The Government is engaging with the financial regulators to monitor the situation closely, including the impact of COVID-19, and remains committed to protecting access to cash for those who need it, while supporting digital payments.

The Joint Authorities Cash Strategy Group – which brings together HM Treasury, the Payment Systems Regulator, Financial Conduct Authority and Bank of England – will be publishing an update document on their activities in relation to cash in due course.

At the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect access to cash. This will ensure that those who continue to rely on cash to transact can continue to do so in the long-term.

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