With over 11,500 branches, Post Office is the UK’s largest retail network, with more branches than all the banks and building societies combined. And Post Office branches are often the last counter in town where businesses can deposit a day’s takings. That ‘cash cycle’ will play a vital part in the UK’s economic recovery from Covid-19.
The Post Office Cash Tracker illustrates the continuing reliance that small businesses and individuals place on being able to quickly and securely deposit and withdraw cash.
Post Office Cash Tracker for October
Cash deposits dip 4.6% to £1.9 billion at Post Office as Circuit Breaks and Tier 3 restrictions introduced in parts of the UK in October
- Cash deposits by business and personal customers totalled £1.91 billion in October, dipping 4.6% compared with September (£2 billion)
- First time since March that the value of cash deposits by business and personal customers has decreased month on month other than seasonal drop in August
- With a lockdown in England throughout most of November, whilst Post Offices remain open, decline in cash deposits expected
- Business deposits in Wales fall 14.3% (£6.7million) compared with September with branches in Cardiff, Swansea and Wrexham all seeing personal and business declines in deposits and withdrawals. Fall attributed to Circuit Breaker introduction
- Post Offices open and will support local communities with their cash and banking needs, as well as bill payments throughout lockdown and tier restrictions as banks likely to reduce their branch opening hours*
Martin Kearsley, Director of Banking at the Post Office, said:
“Our data tells us that where hospitality and non-essential retail businesses have had to close as a result of a lockdown restrictions there are falls in deposit cash takings at Post Offices. We do expect deposits to decline in England in November, though less than during the national lockdown earlier this year.”
Martin Kearsley added:
“Post Offices remain open during lockdowns and support the UK’s economic revival as the place where cash can be quickly and locally deposited.”