Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to support cash transactions.

The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.

The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it and help businesses to continue to accept cash by providing reasonable access to cash deposit facilities.

Under the FCA’s regime the UK’s largest banks and building societies are required to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility and put in place a new service if necessary. Assessments are undertaken by LINK, the industry designated coordinating body responsible for conducting cash access assessments.

Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment to LINK. Further information about submitting a cash access request can be found on LINK’s website.

In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared Banking Hub, for cash users in that community.

To ensure appropriate cash access facilities are in place to support communities and businesses across the country, the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. These hubs will provide small businesses and individuals with critical cash and in-person banking services. Over 225 banking hubs have been recommended to date and over 150 are already open.