The Joint Authorities Cash Strategy Group (the BoE, PSR, FCA and Treasury) has published an update on the work it is doing to safeguard the UK’s cash infrastructure. The group members have been working closely to ensure cash is available in light of the impact of Covid-19.
The update notes that it is clear that changes in the way that people and businesses make and receive payments are set to continue – but despite the move away from cash even before Covid-19, it remains an essential payment mechanism for many. In the 2020 Budget, the Chancellor announced there will be legislation to protect access to cash.
The report looks at:
- how current regulatory oversight maps onto the end-to-end cash infrastructure;
- key trends in use of cash and in cash withdrawals and deposits;
- the state of, and key pressures on, the overall end-to-end cash infrastructure across the UK; and
- industry initiatives.
Among current priorities are maintaining access to cash, and working to identify areas that have lost access.