Business cash deposits
Business cash deposits were up almost 24% month-on-month as the economy continued to unlock in June and consumers returned to the High Street.
A Post Office survey of more than 500 UK small businesses last week revealed that two thirds (66%) feel that the continued use of cash is important to the recovery of the UK retail industry post-lockdown. Nearly 1 in 5 (18%) said that they depended on their local Post Office branch for cash and banking services.
The previous highest month for business cash deposits, since the Covid-19 pandemic reached the UK was September 2020 (£965 million). Pre Covid, the highest amount ever deposited, excluding Christmas, had been £1.13 billion in July 2019.
Business cash withdrawals