Cash still matters. That’s why a key part of our Intent to 2025 is to protect access to cash across the UK.
Since 2015, over 4,300 banks and building society branches have closed – putting people’s ability to withdraw and deposit cash at risk. But research indicates that as many as one in five adults would struggle to cope without cash, while seven in ten small businesses believe cash is important to the future of our high streets. Clearly, cash still matters. That’s why a key part of our Intent to 2025 is to protect access to cash across the UK.
Thanks to our Banking Framework with the UK’s major banks – which allows customers to use any post office for basic banking services – Post Office already plays a vital role in providing universal access to cash to UK communities. But we want to go further. That’s why we are campaigning to ensure the financial services industry and Government work together to provide free, convenient and reliable access to cash in every community across the UK. We will work with Parliamentarians as the Financial Services and Markets Bill is debated to ensure the ability to withdraw, spend and deposit cash is protected.
We are also leading new solutions to safeguard access to cash for UK communities. For example, in April 2021 the first ever BankHubs launched in Cambuslang, Lanarkshire and Rochford, Essex as part of the Community Access to Cash Pilots (CACP) initiative. The BankHubs provide customers with basic banking and cash services, as well as dedicated rooms where they can see advisers from their own bank.
As a result of the overwhelmingly positive response, the two existing BankHubs have been extended to run until at least spring 2023, while additional Hubs will be rolled during 2022 as part of a landmark industry commitment to protect cash and banking services across the UK. Post Office will also launch new dedicated cash services in up to 30 existing Post Office branches.
You can read more about our ‘Save Our Cash’ campaign here.